Política monetária e ativos financeiros no Brasil: o efeito das ações e das declarações de política monetária sobre os ativos financeiros brasileiros
Data
2007-02-13
Autores
Orientador(res)
Moura, Alkimar R.
Métricas
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Resumo
Several international studies have been investigating the effects of monetary policy actions, represented by the decisions about the interest rate target of the economy, on financial asset prices. Recently, interest in analyzing the effects of monetary policy statements has also been increasing, since it can indicate the future path of monetary policy. This thesis contributes to the extensive set of studies regarding the Brazilian inflation targeting system by investigating the effects of monetary policy actions and statements on some Brazilian financial assets prices. The actions are represented by the Brazilian Monetary Policy Committee decisions regarding the Selic interest rate level and the statements represented by the respective statements publication. Evidence was found to indicate relevant effects of monetary policy actions on Brazilian financial assent prices, mainly of short-term and relevant effects of monetary policy statements on medium – and long – term financial assent princes. The results are in line with those found in international studies.