RECOLHIMENTOS COMPULSÓRIOS E DISTRIBUIÇÃO DAS TAXAS DE EMPRÉSTIMOS BANCÁRIOS NO BRASIL

Eduardo Augusto de Souza Rodrigues and Tony Takeda

Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32th Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]

Abstract: This work presents a semi parametric approach to evaluate the role of the Central Bank reserve requirements, both remunerated and non-remunerated, over the bank interest rate distribution in Brazil between September/2000 and March/2004. We adopted the semi parametric approach developed by DiNardo, Fortin and Lemieux (1996), originally constructed to get the effects of minimum wage in wage inequality. We consider two more explanatory factors: i) the default rate; ii) other individual characteristics, like bank size and bank liquidity. We used the kernel method with a careful reweight choice to estimate the counterfactual bank interest rate density associated with each one of the explanatory factors. This procedure allows us to compare the relative weight each factor has on the density of interest rates and yields a visually clear representation of precisely where in the distribution the various factors have greatest impact. We used data from Cosif and from information reported by banks to the Central Bank and we restricted the estimation for two categories of bank loans: Working Capital and Personal Overdrafts. The results show negligible effects of the variation of the default rate and important effects of reserve requirement rates on banking loan rates.

JEL-codes: C14 E52 E43 (search for similar items in EconPapers)
Date: 2004

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