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Insights on monetary policy and public banking in Brazil (2008-2012) [Insights on monetary policy and public banking in Brazil (2008-2012)]

Author

Listed:
  • Elena Soihet

    (UFRRJ)

  • Cesar Murilo Nogueira Cabral

    (UFRRJ)

Abstract

This paper aims to analyze the effect of monetary and banking policy during the subprime crises between 2008 and 2009 and afterwards (2010-2012). The main actions and the monetary policy of the Brazilian Central Bank are also discussed. We found that at the peak of the crisis, the main lever for restoration of the Brazilian economy was related to domestic economic policy measures, particularly the ones implemented by the main state-owned banks: Caixa Econômica Federal, Banco do Brasil and Banco Nacional de Desenvolvimento Econômico e Social. The supporting role of other economic policies and the external economic environment are also discussed here. The findings show that in the period immediately following the crisis, (2010-2012), both credit and monetary policies did not succeed in ensuring sustained economic growth.

Suggested Citation

  • Elena Soihet & Cesar Murilo Nogueira Cabral, 2016. "Insights on monetary policy and public banking in Brazil (2008-2012) [Insights on monetary policy and public banking in Brazil (2008-2012)]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 26(1), pages 43-67, January-A.
    • Handle: RePEc:nov:artigo:v:26:y:2016:i:1:p:43-67
    as

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    References listed on IDEAS

    as
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    3. Oreiro, José Luis & Paula, Luiz Fernando Rodrigues de & Basilio, Flavio A.C., 2010. "Desenvolvimento financiero e crescimento econômico: teoria e evidência," Financiamiento para el Desarrollo 5212, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    4. Hermann, Jennifer, 2010. "O papel dos bancos públicos," Textos para Discussão - CEPAL/IPEA, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 28129 edited by Cepal, March.
    5. Paula Rachel Rabelo Corrêa & Flávio Augusto Corrêa Basilio & Jose Luis Da Costa Oreiro & Luiz Fernando Rodrigues De Paula, 2011. "A Estrutura Do Setor Bancário Brasileiroe O Ciclo Recente De Expansão Do Crédito:," Anais do XXXVIII Encontro Nacional de Economia [Proceedings of the 38th Brazilian Economics Meeting] 007, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
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    More about this item

    Keywords

    state owned banks; credit market; monetary policies;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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