Página 1 dos resultados de 2541 itens digitais encontrados em 0.044 segundos

Regra de Taylor e a resposta da taxa de juros à inflação no Brasil; Taylor rule and the aswer of interest rates fron inflation in Brazil

Magalhães, Camila Costa
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 21/11/2007 PT
Relevância na Pesquisa
65.81%
A condução da política monetária vem sendo descrita pela literatura recente por meio de uma regra forward-looking do tipo "Taylor". Neste contexto, o que a literatura identifica como o Princípio de Taylor indica que, para que haja uma política de controle inflacionário efetiva, o coeficiente de resposta dos juros nominais a um desvio da expectativa de inflação em relação à meta deve ser maior do que um. Deste modo, se este desvio for positivo, será provocado um aumento nos juros reais. No entanto, tomando uma Equação de Fischer também em termos expectacionais, a derivação da Regra nos leva a crer que tal princípio pode ser questionado, sendo necessário que este coeficiente supere ( ) t rr + 1 , ou seja, um mais os juros reais. Neste trabalho é estimada uma Regra de Taylor para o caso brasileiro, país com elevadas taxas de juros reais, buscando comparar o valor deste coeficiente ao valor de ( ) t rr + 1 . O método consiste em um Time-Varying Parameter (TVP), onde os parâmetros seguem passeios aleatórios. São utilizadas diversas combinações de dados. Os resultados mostraram uma política bastante agressiva por parte do Banco Central brasileiro em todos os períodos de análise.; The conduction of monetary policy is being described by recent literature through a forward-looking Taylor rule. In this context...

The Deficit–Interest Rate Connection: an empirical assessment of the EU

Vieira, Carlos
Fonte: Universidade de Évora Publicador: Universidade de Évora
Tipo: Trabalho em Andamento
ENG
Relevância na Pesquisa
65.72%
The progressive deterioration of public finances in most developed countries, during the last two decades, prompted an extensive discussion on the effects of government deficits on the interest rate and, consequently, on employment and economic growth. The empirical literature, largely focused on the US, is far from conclusive. This paper examines this relationship in six core EU countries using non-causality tests, including the recently proposed LA-VAR test. The evidence suggests that, contrary to the conventional economic theory, no causal effect from the deficits to the interest rate can in general be found. On the contrary, the econometric tests highlight the preponderant negative consequences of high interest rates on the government total deficit.

Can jurisdictional uncertainty and capital controls explain the high level of real interest rates in Brazil? Evidence from panel data

Gonçalves,Fernando M.; Holland,Márcio; Spacov,Andrei D.
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/03/2007 EN
Relevância na Pesquisa
65.8%
This paper tests the assertion, popularized by Arida et al. (2005), that risks associated with the jurisdiction and currency inconvertibility are relevant determinants of the high level of short-term real interest rates in Brazil. The results are by and large unfavorable not only to their conjecture, but also to variants of their argument. The results further indicate that traditional monetary and fiscal factors are far more relevant to explain the level of short-term real interest rates than the binomial jurisdictional uncertainty/ currency inconvertibility is.

On high interest rates in Brazil

Lopes,Francisco Lafaiete
Fonte: Editora 34 Publicador: Editora 34
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/03/2014 EN
Relevância na Pesquisa
65.72%
This article examines the question of why interest rates are so high in Brazil as compared to the international average. It looks at theoretical arguments based on excessive government deficits, structural lack of private savings, inflation bias, excessive investment demand and fear of floating. An informal look at the evidence does not strongly corroborate any of these arguments. Hence a wise central bank should consider "testing" the market to make sure it is not dealing with an extreme equilibrium configuration or a long standing disequilibrium.

Exchange Rates during the Crisis

Weber, Sebastian; Wyplosz, Charles
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
55.91%
Nearly two years after the onset of the financial crises, many central banks have brought their policy interest rates down to, or close to zero. Various governments have seen their budget deficits soar. Both policies have affected exchange rates, partly through market expectations. With a majority of exchange rates officially floating, exchange rate movements do not necessarily reflect official decisions as was the case in the 1930s. Yet, also in the 2008 crisis, authorities have directly intervened in the foreign exchange market, sometimes in order to defend a falling currency but in other instances with the aim to limit appreciation pressure, akin of competitive devaluations. This paper documents the exchange rate interventions during the height of the 2008/09 financial crisis and identifies the countries which have particular high incentives to intervene in the foreign exchange market to competitively devalue their currency. While various countries had increased incentives to devalue, we find that direct exchange rate interventions have been rather limited and contagion of devaluation has been restricted to one regionally contained case. However...

Systemic Risk, Dollarization, and Interest Rates in Emerging Markets

Bacha, Edmar L.; Holland, Márcio; Gonçalves, Fernando M.
Fonte: World Bank Publicador: World Bank
Tipo: Artigo de Revista Científica
Relevância na Pesquisa
75.85%
This study investigates the impact of systemic risks and financial dollarization on real interest rates in emerging economies. Higher systemic risks induce both higher real interest rates and increased dollarization. Using appropriate instruments for the dollarization ratio, the study overcomes the simultaneous equation problem and correctly estimates a negative coefficient for the dollarization ratio in the interest rate equation. It confirms the theoretical prediction that a strategy of "dedollarizing" the economy will raise the equilibrium domestic real interest rate if the strategy fails to address fundamental macroeconomic risks. Even so, it also finds that this effect is small, after controlling for the risks of dilution and default. The results bring to light the systemic-risk reasons for high interest rates in emerging economies—and contribute to evaluating the difficulties of dedollarization policies.

Are Microcredit Interest Rates Excessive?

Rosenberg, Richard; Gonzalez, Adrian; Narain, Sushma
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
75.91%
Over the past two decades, institutions that make micro loans to low-income borrowers in developing and transition economies have focused increasingly on making their operations financially sustainable by charging interest rates that are high enough to cover all their costs. They argue that doing so will best ensure the permanence and expansion of the services they provide. Sustainable (i.e., profitable) microfinance providers can continue to serve their clients without needing ongoing infusions of subsidies, and can fund exponential growth of services for new clients by tapping commercial sources, including deposits from the public.

Unconventional Monetary Policy Normalization in High-Income Countries : Implications for Emerging Market Capital Flows and Crisis Risks

Burns, Andrew; Kida, Mizuho; Lim, Jamus Jerome; Mohapatra, Sanket; Stocker, Marc
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
55.94%
As the recovery in high-income countries firms amid a gradual withdrawal of extraordinary monetary stimulus, developing countries can expect stronger demand for their exports as global trade regains momentum, but also rising interest rates and potentially weaker capital inflows. This paper assesses the implications of a normalization of policy and activity in high-income countries for financial flows and crisis risks in developing countries. In the most likely scenario, a relatively orderly process of normalization would imply a slowdown in capital inflows amounting to 0.6 percent of developing-country GDP between 2013 and 2016, driven in particular by weaker portfolio investments. However, the risk of more abrupt adjustments remains significant, especially if increased market volatility accompanies the unwinding of unprecedented central bank interventions. According to simulations, abrupt changes in market expectations, resulting in global bond yields increasing by 100 to 200 basis points within a couple of quarters...

How Interest Rates Changed under Financial Liberalization : A Cross-Country Review

Honohan, Patrick
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
65.93%
Financial liberalization was expected to make interest rates, and asset prices more volatile, with distributional consequences, such as reduced, or relocated rents, and increased competition in financial services. The author examines available data on money market, and bank interest rates for evidence of whether these things happened. He shows that as more and more countries liberalized, the level and dynamic behavior of developing-country interest rates converged to industrial-country norms. In the short term, volatility increased in both real, and nominal money market interest rates. Treasury bill rates, and bank spreads, evidently the most repressed, showed the greatest increase as liberalization progressed - shifting substantial rents from the public sector, and from favored borrowers. Whereas quoted bank spreads in industrial countries contracted somewhat in the late 1990s, spreads in developing countries remained much higher, presumably reflecting both market power, and the higher risks of lending in the developing world. There was no clear-cut change in mean rates of inflation...

Do High Interest Rates Defend Currencies during Speculative Attacks?

Kraay, Aart
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
95.97%
Drawing on evidence from a large sample of speculative attacks in industrial and developing countries, the author argues that high interest rates do not defend currencies against speculative attacks. In fact, there is a striking lack of any systematic association between interest rates and the outcome of speculative attacks. The lack of clear empirical evidence on the effects of high interest rates during speculative attacks mirrors the theoretical ambiguities on this issue.

Interest Rate Caps around the World : Still Popular, but a Blunt Instrument

Maimbo, Samuel Munzele; Henriquez Gallegos, Claudia Alejandra
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
Relevância na Pesquisa
65.96%
Among other common forms of government financial control, caps on interest rates have been declining over the past several decades as most industrialized countries and a rising number of developing countries continue liberalizing their financial policies. However, in several countries the last financial crisis reopened the debate on interest rate controls as a tool for consumer protection. This paper undertakes a stock-taking exercise to determine the number of countries currently capping interest rates on loans. The paper looks at the main characteristics of the regimes countries have used, including the source of rate-setting authority, the methodology, and the criteria for establishing the cap. The paper finds at least 76 countries around the world currently use some form of interest rate caps on loans -- all with varying degrees of effects, including the withdrawal of financial institutions from the poor or from specific segments of the market, an increase in the total cost of the loan through additional fees and commissions...

Jamaica

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
EN_US
Relevância na Pesquisa
65.82%
Jamaica has experienced 30 years of low economic growth and high fiscal deficits, with a significant impact on the development of the financial sector. As part of the overall growth and competitiveness reform agenda, the authorities have embarked on ambitious financial sector legislation reforms to address weaknesses. Lack of access to credit and equity constrain Micro, Small and Medium Sized Enterprise (MSME) operations and growth, and ultimately their contribution to the economy. High interest rates and low penetration of credit to households and MSMEs can be explained by high credit risk as a result of high information asymmetries in the market, as well as limited competition in the banking sector. The authorities should complete the establishment of a regulatory and supervisory framework for deposit-taking institutions proportionate to the risks and the activities they undertake. The impact of public policies has been limited and programs on housing, MSME finance, and agriculture finance would be welcomed to address market gaps...

The downward rigidity of Indian interest rates

Jha, Raghbendra
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Working/Technical Paper Formato: 63215 bytes; 350 bytes; application/pdf; application/octet-stream
EN_AU
Relevância na Pesquisa
65.72%
This paper tries to assess why lowering interest rates is proving to be hard in India. It singles out the role of three factors: (i) high public debt and the structure of this debt, (ii) the overhang of non-performing assets; and (iii) the policy being pursued with respect to accumulation of foreign exchange reserves. These three factors are causally linked to each other and should not be looked upon as mutually exclusive contributors.; no

Assessing Firms' Financing Constraints in Brazil

Claessens, Stijn; Sakho, Yaye Seynabou
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
55.93%
Firm surveys often indicate that firms complain a lot about lack of access to financial services, but financing constraints are difficult to identify, given demand and supply considerations and with only surveys based on firms' perceptions. Specifically, it is difficult to separate demand for access to finance of viable firms with good growth opportunities from that of firms that are not creditworthy and should not deserve financing. In Brazil, one of the main constraints to finance is related to the high level of interest rates, which affects both bank funding costs as well as bank intermediation spreads and, as such, the cost of finance and hence the demand and supply of bank financing. This paper analyzes a unique loan level data set that covers almost a decade of monthly firm bank information from credit registry information that is not publicly available as well as two cross-sections of Brazil's Investment Climate Assessment surveys in 2004 and 2008 that provide detailed information on firms' micro characteristics as well as perceptions of credit. The data allow identification of how firms' characteristics...

Variations in Microcredit Interest Rates

Kneiding, Christoph; Rosenberg, Richard
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
65.91%
Global differences in microcredit interest rates are dramatic. The global average is about 35 percent, but the average in Uzbekistan is above 80 percent, and in Sri Lanka it is around 17 percent. Small loan sizes are the most commonly cited reason why microcredit rates are higher than normal bank rates. Microcredit is a "high-touch" business, and microfinance institutions (MFIs) have to process thousands of tiny transactions. Apparently, there is no single, simple explanation for the considerable inter-country differences in interest rates. In addition to small loan sizes, which undoubtedly are an important driver behind interest rates, other dynamics are at work. This current research has already started to address some fundamental questions: 1) how do borrowers comparably fare in low-interest and high-interest environments? 2) What is the effect of competition on MFIs' efficiency? Does more competition necessarily lead to lower interest rates? 3) How should public policy exert influence on the domestic microfinance sector? What are the features of an "appropriate" regulatory environment?

Fostering Entrepreneurship in Azerbaijan

Kuriakose, Smita
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH; EN_US
Relevância na Pesquisa
65.83%
A dynamic and vibrant private sector is crucial to economic growth, with firms making new investments, creating jobs, improving productivity, and promoting growth. Entrepreneurial activity is pivotal to the continued dynamism of the private sector, as the generation of new businesses fosters competition and economic growth. This is particularly relevant for Azerbaijan, whose government faces a central challenge to create conditions that will facilitate growth in nonoil tradable sectors. The core objectives of Azerbaijan's development strategy are to diversify the economy away from the oil sector and sustain high employment and growth. Encouraging high-growth entrepreneurship can help Azerbaijan achieve these goals as it moves toward new opportunities in value added and tradable sectors. This study shows that high-growth entrepreneurialism is low in Azerbaijan and that innovative activity among firms is very low. Several factors hinder business growth and entrepreneurship: lack of competition, especially among smaller firms; financial systems that are not conducive to business development. Companies cite high interest rates and risk-averse lending policies as substantial hindrances to expansion. In addition...

Microcredit Interest Rates and Their Determinants, 2004-2011

Rosenberg, Richard; Gaul, Scott; Ford, William; Tomilova, Olga
Fonte: CGAP, Washington, DC Publicador: CGAP, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
75.91%
From the beginning of modern microcredit, its most controversial dimension has been the interest rates charged by micro lenders, often referred to as microfinance institutions (MFIs). These rates are higher, often much higher, than normal bank rates, mainly because it inevitably costs more to lend and collect a given amount through thousands of tiny loans than to lend and collect the same amount in a few large loans. Higher administrative costs have to be covered by higher interest rates. Many people worry that poor borrowers are being exploited by excessive interest rates, given that those borrowers have little bargaining power, and that an ever-larger proportion of microcredit is moving into for-profit organizations where higher interest rates could, as the story goes, mean higher returns for the shareholders. Section one looks at the level and trend of micro lenders' interest rates worldwide, and breaks them out among different types of institutions (peer groups). Section two examines the cost of funds that micro lenders borrow to fund their loan portfolio. Section three reports on loan losses...

The interest rates and performance of MFIs in the MENA region: is there a moral issue?

Adair, Philippe; Berguiga, Imène
Fonte: Centre de recherche en éthique de l'UdeM (CRÉUM) Publicador: Centre de recherche en éthique de l'UdeM (CRÉUM)
Tipo: Artigo de Revista Científica
EN
Relevância na Pesquisa
75.78%
The high interest rates of microfinance institutions (MFIs) seem to oppose their social mission, and raise a moral issue. We analyse the determinants of the level of interest rates with regard to the financial performance of an unbalanced panel of 66 MFIs in nine countries of the Middle East and North Africa (MENA) region over the period 2004-2012. We differentiate internal factors (cost of capital, operating expenses and loss provisions) from the external ones (regulation, competition and inflation).The outcomes of a typology from a multivariate analysis upon the relationship between the interest rate and social performance of 53 MFIs in 2008 do not match the classification of MFIs according to Yunus and Weber, which proves irrelevant.; Le taux d’intérêt élevé des institutions de microfinance (IMF) semble s’opposer à la mission sociale du microcrédit. Nous analysons les déterminants des niveaux des taux d’intérêt au regard de la performance financière d’un panel incomplet de 66 IMF dans 9 pays de la région du Moyen-Orient et d’Afrique du Nord (MENA) sur la période 2004-2012. Nous distinguons les facteurs internes (coût des fonds propres, charges d’exploitation, provisions pour pertes) et externes (règlementation...

A panel-data analysis of interest rates and dollarization in Brazil

Bacha,Edmar L.; Holland,Márcio; Gonçalves,Fernando M.
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2009 EN
Relevância na Pesquisa
65.89%
We investigate the role of financial dollarization and systemic risks in the determination of real interest rates in Brazil. In a simple currency-choice portfolio model, we show that a strategy of reducing dollarization, if it fails to address fundamental macroeconomic risks, leads to higher domestic real interest rates. We confirm this prediction in an empirical panel-based model, involving systemic risk variables, but find that the effect is small after controlling for the risks of dilution and default. We apply our empirical estimates to the case of Brazil - a natural case study given its low degree of financial dollarization and very high real interest rates. The estimated model is unable to explain the high interest rate levels in the aftermath of Brazil's 1994 inflation stabilization. However, since the adoption in 1999 of inflation targeting and floating exchange rates, Brazil's real interest rates are found to be gradually converging to the model's predicted values. The estimation also shows that further reductions in Brazil's real interest rates could be achieved through sound fundamentals that led to investment-grade status rather than financial dollarization.

Juros altos, fontes de financiamento e estrutura de capital: o endividamento de empresas brasileiras no período 1997-2006; HIGH INTEREST RATES, CAPITAL SOURCES AND CAPITAL STRUCTURE: THE DEBT OF BRAZILIAN COMPANIES IN THE PERIOD 1997-2006

Valle, Mauricio Ribeiro do; Albanez, Tatiana
Fonte: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de RP Publicador: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade de RP
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; Pesquisa Empírica-Analítica; ; ; ; ; ; Formato: application/pdf
Publicado em 31/12/2012 POR
Relevância na Pesquisa
85.8%
Estudos ressaltaram a necessidade de se incorporar à análise das estruturas de capital das empresas fatores que não apenas as suas próprias características. Rajan e Zingales (1995) e Booth et al. (2001) indicaram a importância de incorporar fatores institucionais e Faulkender e Petersen (2006) apontaram a necessidade de se incorporar não apenas fatores relacionados à característica da firma (o lado da demanda), mas também fatores relacionados à fonte dos recursos (o lado da oferta). O presente trabalho analisa a influência do acesso a (1) fontes de recursos com taxas de juros diferenciadas (subsidiadas) e a (2) recursos em moeda estrangeira, que representam fatores institucionais e/ou o lado da oferta de recursos, no endividamento de empresas brasileiras nos anos 1997 a 2006, período em que várias pré condições macroeconômicas para o desenvolvimento das atividades empresariais no Brasil estiveram longe do minimamente razoável, permitindo analisar o que fizeram as empresas brasileiras com suas estruturas de capital em um ambiente de altas taxas de juros. Para tanto, foram utilizadas variáveis clássicas da literatura de estrutura de capital e variáveis representativas de fatores institucionais num painel de dados referente a empresas brasileiras de setores industriais...