The Bank Lending Channel of Monetary Transmission in Brazil: A VECM Approach
收藏Organisation for Economic Co-operation and Development2026-04-11 收录
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This paper tests for the existence of a bank lending channel in the transmission of monetary policy in
Brazil using monthly aggregate data for the period 1995:12 through 2008:6. The test is carried out in a
VECM setting that allows for multiple cointegrating relationships among the variables of interest. We find
evidence of two cointegrating...
