Financial cycles and the credit market in Brazil during the 2000s

Abstract This study aims to analyze the behavior of Brazilian state-owned banks during the global financial crisis and its aftermath. In this regard, it employs time-series econometrics, based on the MS-DR and VEC models. Evidence was found suggesting that the credit originated in state-owned banks showed counter-cyclical characteristics; while private banks behaved in a typically procyclical manner.

摘要 本研究旨在分析全球金融危机及其后时期巴西国有银行的经营行为。据此，本研究采用基于MS-DR与VEC模型的时间序列计量经济学方法。研究结果表明，国有银行发放的信贷呈现逆周期特征，而私有银行的信贷行为则表现出典型的顺周期特性。