Taxa de juros e mecanismos de transmissão da política monetária no Brasil

Interest rate and monetary transmition mechanisms in Brazil. This paper develops the hypothesis that the Brazilian interest rate is high as a result of partially obstructed monetary transmission mechanisms. Transmission failures arise due to the following characteristics of the Brazilian economy: (i) segmentation of the credit market; (ii) low penetration of free credit within the income determination process; (iii) truncated term structure of interest rates; (iv) participation of LFTs in public debt; (v) participation of administered prices in the consumer price index. To achieve this result, the paper explores the BMW model and provides some preliminary evidence.

巴西的利率与货币政策传导机制。本文提出如下假说：巴西利率高企的根源在于货币政策传导机制存在部分阻滞。传导失灵源于巴西经济的下述特征：（一）信贷市场分割；（二）自由信贷在收入决定进程中的渗透率偏低；（三）利率期限结构残缺；（四）LFTs参与公共债务市场；（五）管制价格在消费者价格指数（Consumer Price Index, CPI）中的占比。为验证上述假说，本文采用BMW模型展开分析，并提供了若干初步实证证据。