Monetary policy affects consumer credit? / Política Monetária Afeta Crédito ao Consumidor?
AUTOR(ES)
Douglas Betioli Ribeiro
DATA DE PUBLICAÇÃO
2006
RESUMO
This paper investigates the effects of positive monetary policy shocks for Brazilian consumer credit market. Beyond the traditional cost of capital view, we aim to detect the behaviour of the most important credit products, the default levels and the market interest rates. We find some puzzles. Brazilian consumer increases the consumption of credit products and the variation per credit product conflicts with the cost of each product. The default levels of the most important credit products are not affected, however, the payments capabilities deteriorate, and this effect is noticed some months after the shock. Addicionally, the size of the market players is related to the transmission to consumer credit rates
ASSUNTO(S)
transmissão da política monetária consumo das famílias crédito ao consumidor default bank lending rates housing svar structural vector autoregressions taxas de inadimplência consumer credit economia monetary policy transmission
