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O Efeito da Consignação em Folha nas Taxas de Juros dos Empréstimos Pessoais

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Listed:
  • Eduardo A. S. Rodrigues
  • Victorio Chu
  • Leonardo S. Alencar
  • Tony Takeda

Abstract

This paper examines the impact of payroll debit loans - a Brazilian new modality of credit - on interest rates. The main characteristic of the new credit operation is the enforcement of a direct deduction of amortizations from personal payroll checks. Adapting a matching strategy proposed by Heckman, LaLonde and Smith (1999), and using a data sample that considers individuals that take out bank loans both with and without payroll deductions, we find that the new modality reduces loan interest rates significantly. Nevertheless, this reduction is half of what was expected using aggregate data. The paper also presents a sensitivity analysis for the case of sequential banking.

Suggested Citation

  • Eduardo A. S. Rodrigues & Victorio Chu & Leonardo S. Alencar & Tony Takeda, 2006. "O Efeito da Consignação em Folha nas Taxas de Juros dos Empréstimos Pessoais," Working Papers Series 108, Central Bank of Brazil, Research Department.
    • Handle: RePEc:bcb:wpaper:108
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    File URL: https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/wps108.pdf
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    Cited by:

    1. Correa, Arnildo da Silva & Minella, André, 2010. "Nonlinear mechanisms of the exchange rate pass-through: A Phillips curve model with threshold for Brazil," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 64(3), September.
    2. Areosa, Waldyr Dutra & Areosa, Marta B.M., 2016. "The inequality channel of monetary transmission," Journal of Macroeconomics, Elsevier, vol. 48(C), pages 214-230.
    3. Fernando Henrique Câmara Gouveia & Luís Eduardo Afonso, 2010. "Payroll loans by old age and survivors pensioners: an exploratory study using the principles of actuarial mathematics," Brazilian Business Review, Fucape Business School, vol. 7(1), pages 59-88, January.
    4. Bruno Martins & Ricardo Schechtman, 2013. "Too Rich to Let Me Fail?," Documentos de Investigación - Research Papers 13, CEMLA.

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