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|Identifying the bank lending channel in Brazil through data frequency
|Coelho, Christiano A.
Mello, João Manoel Pinho de
Garcia, Márcio G. P.
|Using the different response timings of credit demand and supply, we isolate supply shifts after monetary policy shocks. We show that the bank lending channel exists in Brazil: after na increase (decrease) in the basic interest rate (Selic), banks reduce (increase) the quantity of new loans and raise (lower) interest rates. However, contrary to the empirical literature for the US, we find evidence that large banks react more than smaller ones to monetary policy shocks. Results may have important implications for monetary policy transmission in light of the recent wave of concentration in the Brazilian banking industry.
|Keywords (english terms):
|Monetary policy transmission
Bank lending channel
|Ciências Sociais Aplicadas
|O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR
|Appears in Collections:
|Coleção de Working Papers
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|R_Working paper_2010_Identifying bank lending reaction to monetary_TC.pdf
|R_Working paper_2010_Identifying bank lending reaction to monetary_TC
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