Macroprudential Measures and the Credit Market in 2011

Abstract

Abstract This paper analyses the macroprudential measures recently adopted by the Banco Central do Brasil and their impacts on credit market during 2011. After a literature review, emphasizing the theoretical and normative debate about the importance of macroprudential measures to improve financial stability, we estimate some effects of credit related measures implemented after the global financial crisis. We conclude that macroprudential measures were effective in the Brazilian case. Key words Macroprudential measures; monetary policy; credit; Brazilian economy Artigo recebido em 21 dez. 2011