Monetary transmission not to blame for weak bank lending in Brazil, IMF paper finds
Diminished bank lending in Brazil over the past two years despite "substantial monetary policy cuts" appears to be related to supply and demand factors and the rapid expansion of public banks' lending, rather than impaired monetary transmission, according to an IMF working paper.
Monetary Transmission in Brazil: Has the Credit Channel Changed? by Mercedes Garcia-Escribano investigates the transmission of monetary policy by private Brazilian banks, concluding that it indeed worked efficiently.
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