Título Inglês:
Central Bank transparency and financial market: evidence for the Brazilian case
Resumo:
O principal objetivo deste artigo é uma análise empírica dos efeitos da transparência do Banco Central do Brasil sobre o mercado financeiro brasileiro. Além disso, é apresentada uma pequena revisão da literatura sobre a transparência do banco central. São examinados os impactos das diferentes dimensões da transparência da autoridade monetária na curva de juros. Ademais, os efeitos oriundos de variações no risco país são considerados neste estudo. Os resultados mostram que a transparência do Banco Central do Brasil serve como um guia para o mercado de juros futuros e que as diferentes dimensões da transparência contribuem para uma maior eficiência do mercado.
Resumo Inglês:
The main objective of this paper is an empirical analysis concerning the effects caused by Central Bank of Brazil transparency on the Brazilian financial market. Furthermore, a brief review of the literature regarding central bank transparency is presented. The effects of the different dimensions of the monetary authority’s transparency on yield interest are examined. Moreover, the consequences regarding changes in the country risk are considered in this study. The findings denote that the Central Bank of Brazil transparency works as a guide for the future interest rate market and that the different dimensions of transparency contribute to a better market efficiency.
Citação ABNT:
MENDONÇA, H. F.; SIMÃO FILHO, J. Transparência do Banco Central e mercado financeiro: evidências para o caso brasileiro. Revista Brasileira de Finanças, v. 9, n. 1, art. 170, p. 51-67, 2011.
Citação APA:
Mendonça, H. F., & Simão Filho, J. (2011). Transparência do Banco Central e mercado financeiro: evidências para o caso brasileiro. Revista Brasileira de Finanças, 9(1), 51-67.
Link Permanente:
https://www.spell.org.br/documentos/ver/4528/transparencia-do-banco-central-e-mercado-financeiro--evidencias-para-o-caso-brasileiro/i/pt-br
Referências:
Athey, Susan, Atkeson, Andrew, & Kehoe, Patrick J. 2001. On the Optimality of Transparent Monetary Policy. Federal Reserve Bank of Minneapolis, Working Paper 613.
Bernanke, Ben S. 2004. The Logic of Monetary Policy. Before the National Economists Club, Washington, D.C., Federal Reserve Board, December 2.
Blinder, Alan. 2004. Central Banking in Theory and Practice. Cambridge: MIT Press.
Blinder, Alan, Ehrmann, Michael, Fratzscher, Marcel, Hann, Jakob de, & Jansen, David-Jan. 2008. Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence. Journal of Economic Literature, 46, 910–945.
Brunilla, Anne, & Lahdenper¨a, Harri. 1995. Inflation-Targets: Principal Issues and Practical Implementation. In: Haldane, A. G. (ed), Targeting Inflation. Bank of England, 119–134.
Chada, Jagjit S., & Nolan, Chadha. 2001. Inflation Targeting, Transparency and Interest Rate Volatility: Ditching ’monetary Mystique’ in the UK. Journal of Macroeconomics, 23, 349–66.
Chortareas, Georgios, Stavage, David, & Sterne, Gabriel. 2002. Does It Pay To Be Transparent? International Evidence from Central Bank Forecasts. Review, Federal Reserve Bank of St. Louis, 84, 99–118.
Clare, Andrew, & Courtenay, Roger. 2001. What Can We Learn About Monetary Policy Transparency from Financial Market Data? Bundesbank Discussion Paper 06/01.
Eijffinger, Sylvester C., & Geraats, Petra M. 2002. How Transparent are Central Banks? CEPR Discussion Paper 3188.
Eijffinger, Sylvester C., & Hoeberichts, Marco M. 2000. Central Bank Accountability and Transparency: Theory and some Evidence. Bundesbank Discussion Paper 06/00.
Fry, Maxwell, Julius, Deanne, Mahadeva, Lavan, Roger, Sandra, & Sterne, Gabriel. 2000. Key Issues in the Choice of Monetary Policy Framework. Pages 1–216 of: Mahadeva, L., & Gabriel, S. (eds), Monetary Policy Frameworks in a Global Context. London: Routledge. Geraats, Petra M. 2002. Central Bank Transparency. Economic Journal, 112, 532–565.
Gurkaynak, Refet, Sack, Brian, & Swanson, Eric. 2005. The Sensitivity of LongTerm Interest Rates to Economic News: Evidence and Implications for Macroecoeconomic Models. American Economic Review, 95, 425–436.
Haldane, Andrew. 1997. Designing Inflation Targets. In: Monetary Policy and Inflation Targeting. Sydney: Reserve Bank of Australia. Proceedings of a conference held by the Reserve Bank of Australia, 21–22.
Herrendorf, Berthold. 1998. Inflation Targeting as a Way of Precommitment. Oxford Economic Papers, 50, 431–448.
Jensen, Henrik E. 2000. Optimal Degrees of Transparency in European Union Countries. Working Paper, University of Copenhagen.
Lohman, Susanne. 1992. Optimal Commitment in Monetary Policy: Credibility versus Flexibility. American Economic Review, 82, 273–286.
Mendonça, Helder F. de, & Simão, José Filho. 2008. Macroeconomic Effects of Central Bank Transparency: The Case of Brazil. Cato Journal, 28, 117–137.
Morris, Stephen, & Shin, Hyun S. 2000. Welfare Effects of Public Information. Bundesbank Discussion Paper 07/00.
Muller, Phillippe, & Zelmer, Mark. 1999. Greater Transparency in Monetary Policy: Impact on Financial Markets. Bank of Canada Technical Report 86.
Pindyck, Robert S., & Rubinfeld, Daniel L. 2004. Econometria: Modelos e Previsões Editora Campus.
Siklos, Pierre L. 2000. Monetary Policy Transparency, Public Commentary, and Market Perceptions About Monetary Policy in Canada. Discussion Paper Series 1: Economic Studies, 08, Deutsche Bundesbank, Research Centre.
Svensson, Lars O. 1999. Monetary Policy Issues for the Eurosystem. NBER Working Paper 7177, June.
Svensson, Lars O. 2001. What is Wrong with Taylor Rules? Using Judgment in Monetary Policy Through Targeting Rules. mimeo, Princeton University.
Walsh, Carl. 2003. Accountability, Transparency, and Inflation Targeting. Journal of Money, Credit, and Banking, 35, 829–849.
Winkler, Bernhard. 2000. Which Kind of Transparency? On the Need for Clarity in Monetary Policy-Making. ECB Working Paper N. 26, European Central Bank.
Woodford, Michael. 2005. Central Bank Communication and Policy Effectiveness.NBER Working Papers 11898, National Bureau of Economic Research.
