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Effects of Monetary Policy on Firms in Brazil: An Empirical Analysis of the Balance Sheet Channel

Brazilian Review of Econometrics

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Title Effects of Monetary Policy on Firms in Brazil: An Empirical Analysis of the Balance Sheet Channel
Effects of Monetary Policy on Firms in Brazil: An Empirical Analysis of the Balance Sheet Channel
 
Creator de Oliveira, Fernando Nascimento; Central Bank of Brazil and IBMEC/RJ
 
Subject Monetary Transmission Mechanism; Balance Sheet Channel; Central Bank; Monetary Contractions
E22; E52
Monetary Transmission Mechanism; Balance Sheet Channel; Central Bank; Monetary Contractions
E22; E52
 
Description This paper investigates the transmission mechanism of monetary policy in Brazil. It is an empirical analysis of the effects of monetary policy on the behavior of firms in Brazil. We build an original database composed of financial statements of 291 public firms and of 4,735 private firms. We use the balance sheet theory to investigate how firms respond to monetary contractions. Our results show that small firms are more sensitive to monetary contractions than large firms.
This paper investigates the transmission mechanism of monetary policy in Brazil. It is an empirical analysis of the effects of monetary policy on the behavior of firms in Brazil. We build an original database composed of financial statements of 291 public firms and of 4,735 private firms. We use the balance sheet theory to investigate how firms respond to monetary contractions. Our results show that small firms are more sensitive to monetary contractions than large firms.
 
Publisher Sociedade Brasileira de Econometria
 
Date 2009-12-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
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Format application/pdf
 
Identifier http://bibliotecadigital.fgv.br/ojs/index.php/bre/article/view/3440
10.12660/bre.v29n22009.3440
 
Source Brazilian Review of Econometrics; Vol 29, No 2 (2009); 171–204
Brazilian Review of Econometrics; Vol 29, No 2 (2009); 171–204
1980-2447
 
Language eng
 
Relation http://bibliotecadigital.fgv.br/ojs/index.php/bre/article/view/3440/2207