Uma nota sobre independˆencia do Banco Central do Brasil e Crescimento Econˆomico: Dados internacionais e controle sintético

Gabriela Bezerra de Medeiros, Edilean Kleber da Silva Bejarano Aragón, Maria Clara dos Santos Alves, Letícia Cavalcante Lima and Gabriel Santos de Sousa

Revista Brasileira de Economia - RBE, 2026, vol. 80, issue 2

Abstract: n this study, we investigate the impact of the Central Bank of Brazil’s (Bacen) independenceon the economic growth rate. We specifically focus on the increase in Bacen’s independence resultingfrom the 1988 Federal Constitution, which granted it exclusive authority to issue currency and prohibitedit from granting loans to the National Treasury. Empirically, we use the augmented synthetic controlmethod, which improves the traditional method by allowing negative weights for donor countries andcorrecting estimation biases. The results indicate that the increase in Bacen’s independence index hadno significant impact on Brazil’s economic growth between 1989 and 1993. This evidence aligns withprevious studies that do not find a robust relationship between central bank independence and economicgrowth.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:fgv:epgrbe:v:80:y:2026:i:2:a:93312

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