文章基本信息

标题：Financial Stability and Monetary Policy - The case of Brazil
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作者：Benjamin Miranda Tabak
期刊名称：Revista Brasileira de Economia
印刷版ISSN：0034-7140
出版年度：2013
卷号：67
期号：4
页码：403-413
语种：English
出版社：Escola de Pós-Graduação em Economia da FGV
摘要：This paper seeks to examine the effects of monetary policy over banks’ loans growth and whether there is a bank lending channel operating in Brazil. Therefore, we employ a detailed high frequency panel data in which we include bank characteristics and ownership control. We contribute to the literature on bank lending channel by showing that during periods of loosening/tightening monetary policy, banks increase/decrease their loans. Additionally, our results illustrate that large, well-capitalized and liquid banks react differentially to the effects of monetary policy shocks. Finally, we show that the impact of monetary policy differs across state-owned, foreign and private domestic banks. These results are important for developing and conducting monetary policy.
关键词：bank lending channel; monetary policy