Brazil : Interest Rates and Intermediation Spreads

World Bank

Washington, DC

关键词: ACCOUNTING;    ADMINISTRATIVE COSTS;    ADVERSE IMPACTS;    AGENTS;    AGGREGATE DEMAND;   

RP-ID  :  36628

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This study sheds light on the analyticaland policy issues regarding the high intermediation spreadin Brazil, focusing on its determinants, the reasons for itspersistence, and its impact on the real economy, especiallyon access to finance for Brazilian firms. The key contentionof the analysis is that high intermediation spreads are asymptom of underlying problems; as such, spreads constitutea window that, when open appropriately and under the rightanalytical light, can unveil deeper issues concerning theBrazilian financial system, its functioning, and itslinkages to economic performance. The study's majorcontribution is to investigate the level of intermediationspreads in Brazil from macro, micro, and internationalperspectives. In particular, the international perspectivecompares the Brazilian financial system with industrializedcountries and Latin American peers to provide a backgroundfor the analysis, and highlight the areas where Brazilappears to be special.