The effects of macroprudential policies in the Brazilian banking sector

IF 1.3 Q3 ECONOMICS

Journal of Financial Economic Policy Pub Date : 2024-07-16 DOI:10.1108/jfep-11-2023-0335

Lúcio Guimarães Moscareli, Mathias Schneid Tessmann, Lucas Souza Beppler, Régis Augusto Ely

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Abstract

Purpose

This paper aims to investigate the effects of macroprudential policies in Brazil on the banking sector.

Design/methodology/approach

Autoregressive models with distributed lags (ADL) are estimated to verify whether such regulatory measures affected the volume of credit, the banking spread and the concentration index of the five largest Brazilian banks. In addition to the variables of interest, monthly macroeconomic data from 2011 to 2021 are considered.

Findings

Our results suggest that macroprudential policies are effective in reducing credit volume. More importantly, our findings highlight two possible adverse effects of these instruments. Firstly, macroprudential tightenings are associated with increases in bank spread. Secondly, tightening measures contribute to increasing bank market concentration.

Originality/value

These findings are useful for the scientific literature that investigates the regulation of the financial system by providing empirical evidence of the effects of Brazilian macroprudential measures on investors, policymakers and other economic agents whose well-being is associated with economic stability.

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宏观审慎政策对巴西银行业的影响

本文旨在研究巴西宏观审慎政策对银行业的影响。对分布式滞后的自回归模型（ADL）进行了估计，以验证此类监管措施是否会影响巴西五大银行的信贷规模、银行利差和集中度指数。除相关变量外，还考虑了 2011 年至 2021 年的月度宏观经济数据。更重要的是，我们的研究结果凸显了这些工具可能带来的两种不利影响。首先，宏观审慎政策的收紧与银行利差的增加有关。原创性/价值这些研究结果为研究金融体系监管的科学文献提供了有用的经验证据，说明了巴西宏观审慎措施对投资者、政策制定者和其他经济主体的影响，而这些主体的福祉与经济稳定息息相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Economic Policy ECONOMICS-

CiteScore

2.80

自引率

8.30%

发文量

期刊介绍： The Journal of Financial Economic Policy publishes high quality peer reviewed research on financial economic policy issues. The journal is devoted to the advancement of the understanding of the entire spectrum of financial policy and control issues and their interactions to economic phenomena. Economic and financial phenomena involve complex trade-offs and linkages between various types of risk factors and variables of interest to policy makers and market participants alike. Market participants such as economic policy makers, regulators, banking and competition supervisors, corporations and financial institutions, require timely and robust answers to the contemporary and emerging policy questions. In turn, such answers require thorough input by the academics, policy makers and practitioners alike. The Journal of Financial Economic Policy provides the forum to satisfy this need. The journal publishes and invites concise papers to enable a prompt response to current and emerging policy affairs.