Sistema Financeiro Brasileiro, Poupança e Investimento: Análise Para o Período 1947-2004 Com o Uso dos Modelos Markov Switching

Marcio Ribeiro and Joanílio Teixeira ()

No 327, Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia from Departamento de Economia da Universidade de Brasilia

Abstract: This study attempts to investigate the relations among financial system and the rates of saving and investment through an econometric analysis in Brazilian economy. For the period 1947-2004, we examine if those relations were characterized by different regimes related to changes in the financial system’s activity and structure. We use the Markov Switching time series model to allow the estimated parameters to change according to different regimes. Our results show different behaviors for the evolution of national saving and investment rates and different relations between these variables and the financial indicators.

Keywords: Financial System; Saving; Investment (search for similar items in EconPapers)
JEL-codes: E21 E22 G21 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2006-07
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