A INFLUÊNCIA DA FINANCEIRIZAÇÃO SOBRE A TAXA DE JUROS REAL BRASILEIRA // THE INFLUENCE OF FINANCIALIZATION ON THE BRAZILIAN REAL INTEREST RATE

Authors

  • Luccas Assis Attilio UFOP

Keywords:

taxa de juros real, setor financeiro, financeirização // real interest rate, financial sector, financialization

Abstract

Resumo: Esse artigo analisa a taxa de juros real do Brasil. Em primeiro lugar, definimos financeirização como a maior influência do sistema financeiro sobre a política doméstica. Utilizamos a proxy proporção do estoque da dívida pública federal detida por agentes do mercado financeiro para representar a financeirização. Posteriormente, e investigando o período compreendido entre os anos 2007 e 2017, adotamos a metodologia VEC, realizando análises por meio da cointegração e de funções impulso resposta. Os resultados sugerem que a financeirização exerce um efeito positivo sobre o patamar da taxa de juros real.

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Abstract: This paper analyzes the real interest rate in Brazil. First, we define financialization as the major influence of the financial system on domestic politics. We use the proportion of the stock of federal public debt held by financial market agents as a proxy for financialization. Subsequently, we adopted the VEC methodology to perform cointegration and impulse-response analyses for the period 2007-2017. The results suggest that financialization had a positive effect on the real interest rate level.

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Published

2020-11-26

Issue

Rev. Econ. Contemp., v. 24, n. 3, set./dez. 2020

Section

Artigos

License

The Revista de Economia Contemporânea (Journal of Contemporary Economics) adopted the Creative Commons license attribution-type BY-NC until April/2015. The license attribution-type BY has been adopted ever since.

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