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Why interest rates are so high in Brazil? An empirical evaluation

Author

Listed:
  • José Luis Oreiro
  • Luiz Fernando de Paula
  • Guilherme Jonas Costa da Silva
  • Rafael Quevedo do Amaral

Abstract

Este artigo tem como objetivo explorar algumas hipóteses para explicar por que a taxa de juros real e o spread bancário são tão altos. Argumentamos que o problema da taxa de juros e o spread bancário estão conectados. Mais precisamente, uma causa importante do spread bancário é o alto nível da taxa de juros do BCB. Assim, a solução do problema da taxa de juros, para que possa convergir para os níveis observados em outros países, ajudará a reduzir o spread bancário, contribuindo para a redução do custo de capital da economia brasileira. Classificação JEL: E22; E43; E44; E52.

Suggested Citation

  • José Luis Oreiro & Luiz Fernando de Paula & Guilherme Jonas Costa da Silva & Rafael Quevedo do Amaral, 2012. "Why interest rates are so high in Brazil? An empirical evaluation," Brazilian Journal of Political Economy, Center of Political Economy, vol. 32(4), pages 557-579.
    • Handle: RePEc:ekm:repojs:v:32:y:2012:i:4:p:557-579:id:370
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    More about this item

    Keywords

    crescimento econômico; taxa de juros; economia brasileira;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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