O canal de tomada de risco da política monetária: evidências para o Brasil

Guilherme Paiva and Mauro Ferreira
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Guilherme Paiva: INSPER
Mauro Ferreira: Cedeplar-UFMG

No 611, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: Monetary theory and the transmission channels of monetary policy are in constant theoretical evolution. With the 2008/2009 financial crisis, the risk-taking channel became relevant. This transmission channel relates the effects of monetary policy to the willingness of financial institutions to change the risk profile of their balance sheet. We investigate whether this has been an active channel for the Brazilian economy from 2001 to 2016. Relying on database and identification strategy not yet exploited for Brazil, we verify that: i) the risk-taking channel was not in full operation; and ii) the risktaking attitude relates to individual financial institutions’ characteristics as predicted by theory and in line with stylized facts reported for developed economies. We test theoretical hypotheses regarding the behavior of the financial institutions when faced with increase in international liquidity and when exposed to excessive augment in bank lending.

Keywords: monetary policy; banking; risk-taking channel; financial institution. (search for similar items in EconPapers)
Pages: 63 pages
Date: 2019-09
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