A Influência do regime de meta de inflação e ancoragem das expectativas inflacionárias sobre o spread da taxa de juros de longo prazo no Brasil

Resumo

The Inflation Targeting Regime (ITR) was adopted in Brazil in 1999, replacing the exchange rate anchor of the Real Plan and establishing explicit inflation targets to stabilize prices and anchor inflation expectations. This dissertation empirically analyzes the relationship between the Central Bank's credibility and the yield curve spread in Brazil, using a credibility index and econometric methods to evaluate data from 2001 to 2023. Through a review of the literature on monetary policy, an explanation of the term structure of interest rates (TSIR), and an analysis of the results obtained with the ordinary least squares, this study aims to confirm that the Central Bank's credibility positively influences the reduction of spread, highlighting the importance of the ITR and the independence of the Central Bank in mitigating economic and financial uncertainties.

Ficha do documento

Tipo

Dissertação

Ano

2024

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/35847

Temas

Economia

Palavras-chave

Regime de metas de inflaçãoCredibilidade do Banco CentralÍndice de credibilidadeEstrutura a termo da taxa de jurosSpreadInflation targetingCentral Bank’s credibilityCredibility indexTerm structure of interest rateEconomiaInflação - BrasilBanco Central do BrasilTaxas de jurosSpread de crédito