The reaction of bank lending to monetary policy in Brazil

Revista Brasileira de Economia

Tony Takeda²  Fabiana Rocha¹  Márcio I. Nakane² 

[1] ,Central Bank of Brazil Research Department

关键词: monetary policy transmission;    reserve requirements;    bank lending channel;   

DOI  :  10.1590/S0034-71402005000100005

来源: SciELO

【 摘 要 】

This paper evaluates the relevance of the "bank lending channel'' of monetary policy transmission in Brazil. Disaggregated monthly data of the Brazilian banks balance sheets from December 1994 to December 2001 are analyzed. In addition to the short-term interest rate, we consider the effects of another monetary policy instrument frequently used in Brazil, represented by reserve requirements on overall banks deposits - demand, savings, and time deposits. Dynamic panel data techniques are employed. Our results suggest that the impact of reserve requirements is relevant and stronger for larger banks loans. This finding results from the progressive reserve rates required from banks, which affect to a greater extent banks with larger deposit volumes.

【 授权许可】

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