The effect of the financial accelerator over Brazilian firms: an investment analysis with evidence from 1Q2005 to 3Q2017

• Ano de defesa: 2018
• Autor(a) principal: Silva, Nathalie dos Santos
• Orientador(a): Tenani, Paulo S.
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: eng
• Palavras-chave em Português: Acelerador financeiro; Política monetária; Investimento; Balanço; BNDES
• Palavras-chave em Inglês: Financial accelerator; Monetary policy; Investment; Balance sheet
• Link de acesso: http://hdl.handle.net/10438/24803

This dissertation examines the impacts of monetary shocks on investment decisions of firms located in Brazil to test the presence of the financial accelerator. Because of this, after a brief review of the literature, limiting the scope of transmission via the balance sheet channel, a panel consisting of Brazilian firms from 2005 to 2017 were tested. Regression control variables include control of the effect of the BNDES on the financial leverage of firms. After tests performed under reasonable levels of significance, the resources generated internally by the firm's operations were the only variable that impacted the investments. The literature that discusses the impact of BNDES on the Brazilian capital market is also revisited in order to corroborate the results obtained in the tests.