THE IMPACT OF RESOLUTION N. 3.954/2011 IN THE AWARD OF CONSIGNED CREDIT: AN ANALYSES TO 2011 AND 2017

Luan Vinicius Bernardelli ()
Additional contact information
Luan Vinicius Bernardelli: Universidade Estadual de Maringá (UEM) e Universidade Estadual do Norte do Paraná (UENP)

Revista de Economia Mackenzie (REM), 2018, vol. 15, issue 1, 94-113

Abstract: The credit market has a relevant role for the economic development of the countries. In this sense, innovations that provide good guarantees and low-interest rates are an important stimulus to consumption, investment, and savings. Of the innovations in the Brazilian credit market, emphasisis given to payroll loans, authorized by Law n. 10.820/2003, which registered a vertiginous growth from 2004 to 2015. In order to regulate the banking correspondents sector, Banco Central do Brasil (BCB) consolidated Resolution n. 3.954/2011, causing severe changes in the sector. Thus, the present study analyzes the impact of the implementation of that Resolution n. 3.954/2011 on payroll-deductible loans. For that, the simultaneous equations model was used and the period contemplated was from 2011 to 2017. The results indicate that the implementation of this resolution reduced approximately 31.39% to payroll loans, concluding that the imposition of the limit remuneration to bank correspondents, worked as an incentive to reduce the supply of this product.

Keywords: Simultaneous equations; Law n. 10.820/2003; Resolution n. 3.954/2011; Payroll loans. (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
http://editorarevistas.mackenzie.br/index.php/rem/article/view/10958 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aft:journl:v:15:1:2018:jan:jun:p:94-113

Access Statistics for this article

More articles in Revista de Economia Mackenzie (REM) from Mackenzie Presbyterian University, Social and Applied Sciences Center Contact information at EDIRC.
Bibliographic data for series maintained by Instituto Presbiteriano Mackenzie (IPM) ().