Effects of Monetary Policy on Firms in Brazil: An Empirical Analysis of the Balance of the Balance Sheet Channel

Fernando Oliveira

in Premio de Banca Central Rodrigo Gómez / Central Banking Award "Rodrigo Gómez" from Centro de Estudios Monetarios Latinoamericanos, CEMLA

Abstract: This paper highlights the transmission mechanism of monetary policy in Brazil. It is an empirical analysis of the effects of monetary policy on the behavior of firms in Brazil. Original data base formed with financial statements of 291 public companies and 4,797 private companies is built. Balance sheet theory is used to investigate how firms respond to monetary contractions. The results indicate that small firms are more sensitive to monetary contractions than large companies.

Keywords: Transmission channel of monetary policy; Canal balance sheet; monetary Contración; Brazil (search for similar items in EconPapers)
JEL-codes: E37 E51 E52 (search for similar items in EconPapers)
Date: 2009
ISBN: 978-607-7734-21-5
References: View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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