In inflation targeting regimes, the transparent communication of monetary policy is an important instrument to reduce uncertainties and coordinate market expectations. This paper examines how the financial market reacts to the Central Bank of Brazil communication and shows that there is...

This article uses a partial adjustment model to assess about how banks choose their regulatory capital levels. Among the obtained results, it was found that there exists a target level for at least half of the examined banks, and that both the target capital ratio and the adjustment speed...

This study analyses the effect of reserve requirements in the context of the Brazilian macro-prudential measures of 2010 and in a long-term perspective, over the last decade. Two sets of test were performed to assess the impacts of macro-prudential measures on the new loans to consumers and to...

This note presents a brief analysis of representative measures of the forecasts surveyed by the Investor Relations and Special Studies Department at the Central Bank of Brazil, aside from the median forecast. We build time series of the core and mode of survey forecasts from January 2001 to...

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The purpose of this research is to evaluate the banking structure of the four major emerging economies (Brazil, Russia, India and China - BRIC), and Latin American countries. We employ a stochastic frontier model to estimate the values of cost efficiency and compare these efficiency measures...

This paper aims to compare the interest rates charged by credit unions and banks (commercial and multiple) in order to check whether there are differences between the rates charged for loans without personal assignment and the effects of this difference in interest rates charged by banks in...

The aim of this paper is to analyze the impact of the Brazilian Cooperative Credit System (CCS) in the macroeconomic efficiency of the National Financial System (NFS), meant here as the capacity in supplying cheap financial services in a uniform way. Two aspects were evaluated: the participation...

In the context of the implementation of the Basel II accord, this paper analyzes the cyclical behavior of Brazilian bank capital under the current regulation. We use an unbalanced panel data of banks operating in Brazil between 2003 and 2008 to estimate an equation of the bank economic capital....

This paper aims to describe the structure of the Quarterly Survey of Credit Conditions in Brazil conducted by the Central Bank of Brazil. It presents the results of the first survey, March 2011, the methodology to construct several indicators that summarize the responses of financial...