Instrumentos eletrônicos de pagamento: seu uso e suas implicações na política monetária

• Ano de defesa: 2010
• Autor(a) principal: Eder Fabricio Santos Souza
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Minas Gerais; UFMG
• Palavras-chave em Português: cartoes de credito; cartoes de debito; Politica monetaria; Política monetária Efeito de inovações tecnológicas Modelos econométricos Brasil; Credito direto ao consumidor Modelos econométricos Brasil
• Link de acesso: http://hdl.handle.net/1843/AMSA-856HYL

This dissertation proposes two discussions on the use of electronic instruments of payment: econometric analysis on the use of credit cards and debit cards in Brazil and a theoretical discussion about the effects of the use of these instruments on monetary policy. The econometric analysis consists of two models, an explanatory panel and a predictive VAR, which aim to estimate the relationship between acquirers and merchants on credit cards and debit cards markets. The results show the importance of exchange rate on the credit cards market. The theoretical discussion focuses on the implications of the increasing adoption of such instruments of payment on the effectiveness of monetary policy, based on an analysis of its transmission channels. The findings, in this case, vary depending on assumptions about the transmission mechanism of monetary policy and money endogeneity.