Monetary Transmission in Brazil: Has the Credit Channel Changed?

WP/13/251

This paper investigates the transmission of monetary policy by private banks in Brazil during the recent easing cycle. The analysis presented uses a panel dataset with information on lending by private banks in Brazil and concludes that monetary transmission through lending volumes was not impaired. Instead, the observed diminished lending appears to be related to supply and demand factors, as well as to the rapid expansion of public banks' lending.
Publication date: December 2013
ISBN: 9781484312001
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monetary transmission , monetary policy , credit growth

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