The Puzzle of Brazil's High Interest Rates:
This paper highlights that real interest rates in Brazil have declined substantially over time, but are still well above the average of emerging market inflation targeting regimes. The adoption of an inflation-targeting regime and better economic fundamentals (reduction in inflation volatility and i...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/62 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper highlights that real interest rates in Brazil have declined substantially over time, but are still well above the average of emerging market inflation targeting regimes. The adoption of an inflation-targeting regime and better economic fundamentals (reduction in inflation volatility and improvements in the fiscal and external positions) has helped Brazil sustain significantly lower real interest rates than in the past. Going forward, the paper shows that Brazil can converge towards lower equilibrium real interest rates if domestic savings increase to the level of other emerging market countries. The effect is particularly pronounced if the increase in domestic savings is achieved through higher levels of public savings. Still, econometric results suggest that, controlling for everything else in the model, real interest rates in Brazil are about two full percentage points higher than in other countries in the sample, suggesting that there are still Brazil-specific factors that have not been captured by the empirical analysis. Some of these factors may include credit market segmentation and inflation inertia generated by still pervasive indexation practices |
| Beschreibung: | 1 Online-Ressource (20 p) |
| ISBN: | 146393839X 9781463938390 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:18Z |
| indexdate | 2024-07-10T09:35:25Z |
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| spelling | Segura-Ubiergo, Alex Verfasser aut The Puzzle of Brazil's High Interest Rates Segura-Ubiergo, Alex Washington, D.C International Monetary Fund 2012 1 Online-Ressource (20 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/62 This paper highlights that real interest rates in Brazil have declined substantially over time, but are still well above the average of emerging market inflation targeting regimes. The adoption of an inflation-targeting regime and better economic fundamentals (reduction in inflation volatility and improvements in the fiscal and external positions) has helped Brazil sustain significantly lower real interest rates than in the past. Going forward, the paper shows that Brazil can converge towards lower equilibrium real interest rates if domestic savings increase to the level of other emerging market countries. The effect is particularly pronounced if the increase in domestic savings is achieved through higher levels of public savings. Still, econometric results suggest that, controlling for everything else in the model, real interest rates in Brazil are about two full percentage points higher than in other countries in the sample, suggesting that there are still Brazil-specific factors that have not been captured by the empirical analysis. Some of these factors may include credit market segmentation and inflation inertia generated by still pervasive indexation practices Online-Ausg http://elibrary.imf.org/view/IMF001/12663-9781463938390/12663-9781463938390/12663-9781463938390.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Segura-Ubiergo, Alex The Puzzle of Brazil's High Interest Rates |
| title | The Puzzle of Brazil's High Interest Rates |
| title_auth | The Puzzle of Brazil's High Interest Rates |
| title_exact_search | The Puzzle of Brazil's High Interest Rates |
| title_exact_search_txtP | The Puzzle of Brazil's High Interest Rates |
| title_full | The Puzzle of Brazil's High Interest Rates Segura-Ubiergo, Alex |
| title_fullStr | The Puzzle of Brazil's High Interest Rates Segura-Ubiergo, Alex |
| title_full_unstemmed | The Puzzle of Brazil's High Interest Rates Segura-Ubiergo, Alex |
| title_short | The Puzzle of Brazil's High Interest Rates |
| title_sort | the puzzle of brazil s high interest rates |
| url | http://elibrary.imf.org/view/IMF001/12663-9781463938390/12663-9781463938390/12663-9781463938390.xml |
| work_keys_str_mv | AT seguraubiergoalex thepuzzleofbrazilshighinterestrates |