Monetary Transmission in Brazil: Has the Credit Channel Changed?

Mercedes Garcia-Escribano

No 2013/251, IMF Working Papers from International Monetary Fund

Abstract: This paper investigates the transmission of monetary policy by private banks in Brazil during the recent easing cycle. The analysis presented uses a panel dataset with information on lending by private banks in Brazil and concludes that monetary transmission through lending volumes was not impaired. Instead, the observed diminished lending appears to be related to supply and demand factors, as well as to the rapid expansion of public banks’ lending.

Keywords: WP; lending; bank; private bank; monetary transmission; monetary policy; credit growth; lending growth; lending channel; bank capitalization; balance sheet variable; credit channel; lending to corporate; lending product; Credit; Bank credit; State-owned banks; Loans; Nonperforming loans; Global (search for similar items in EconPapers)
Pages: 20
Date: 2013-12-17
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Citations: View citations in EconPapers (2)

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