文章基本信息

标题：The Relevance of the Bank Lending Channel in Brazil
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作者：Fernando Nascimento de Oliveira ; Renato da Motta Andrade Neto
期刊名称：Brazilian Review of Finance
印刷版ISSN：1984-5146
出版年度：2008
卷号：6
期号：3
页码：359-411
语种：Portuguese
出版社：Link to the Brazilian Society of Finance
摘要：This paper evaluates the existence of an active bank-lending channel of monetary policy. The empirical analysis is based on a two-step regression that tests how the liquidity of commercial banks reacted to monetary shocks. We use balance sheet information of 293 commercial banks from July 1994 to December 2005. Our main conclusion is that the banklending channel is relevant for our understanding of the monetary transmission mechanism in Brazil. This result is found when monetary shocks are identified by the SELIC rate endogenously or exogenously or by required reserves over demand deposits.
其他摘要：This paper evaluates the existence of an active bank-lending channel of monetary policy. The empirical analysis is based on a two-step regression that tests how the liquidity of commercial banks reacted to monetary shocks. We use balance sheet information of 293 commercial banks from July 1994 to December 2005. Our main conclusion is that the banklending channel is relevant for our understanding of the monetary transmission mechanism in Brazil. This result is found when monetary shocks are identified by the SELIC rate endogenously or exogenously or by required reserves over demand deposits.
关键词：bank-lending channel;credit channel;monetary transmission mechanism.;canal de empréstimos bancários;canal de crédito;transmissão de política monetária.
其他关键词：Economics; Business;bank-lending channel; credit channel; monetary transmission mechanism.;E50; E52; E58.