Submitted by PPG Economia do desenvolvimento (economia-pg@pucrs.br) on 2018-06-05T21:59:54Z No. of bitstreams: 1 DIEGO_PADILHA_VENEROSO_DIS.pdf: 2301066 bytes, checksum: 1821930bd93b1257a9607d77d5052e05 (MD5) / Approved for entry into archive by Sheila Dias (sheila.dias@pucrs.br) on 2018-06-13T11:15:24Z (GMT) No. of bitstreams: 1 DIEGO_PADILHA_VENEROSO_DIS.pdf: 2301066 bytes, checksum: 1821930bd93b1257a9607d77d5052e05 (MD5) / Made available in DSpace on 2018-06-13T11:24:30Z (GMT). No. of bitstreams: 1 DIEGO_PADILHA_VENEROSO_DIS.pdf: 2301066 bytes, checksum: 1821930bd93b1257a9607d77d5052e05 (MD5) Previous issue date: 2018-03-22 / Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior - CAPES / This paper analyzes the behavior of interest rates in Brazil, with emphasis on the banking sector. We analyze the behavior of the banking sector in the face of the fall in the SELIC rate observed in the period between 2009 and 2012 and how it has impacted this market. For this, we use graphical analysis, statistical tests and econometric models to understand the impact of federal government decisions on each of the agents involved. The federal government used its influence to lower interest rates, both SELIC and banking, assuming price leadership by controlling about 40% of the financial market. However, this intervention goes against the fundamental principles of governance. Thus, the objective is to confirm the intervention of the government in the Brazilian banking market and to find out the effect that this conduct had on public banks and shareholders, qualitatively and, if possible, quantitatively. / O presente trabalho analisa o comportamento da taxa de juros no Brasil, com ?nfase para o setor banc?rio. Analisamos o comportamento do setor banc?rio ante a queda da taxa SELIC verificada no per?odo entre 2009 e 2012 e de que forma ela influenciou nesse mercado. Para tal, utilizamos an?lises gr?ficas, testes estat?sticos e modelos econom?tricos para compreendermos o impacto das decis?es do governo federal em cada um dos agentes envolvidos. O governo federal utilizou de sua influ?ncia para baixar as taxas de juros, tanto a SELIC quando a banc?ria, assumindo uma lideran?a de pre?os atrav?s do controle de cerca de 40% do mercado financeiro. Contudo, essa interven??o vai de encontro aos princ?pios fundamentais da governan?a. Assim, objetiva-se confirmar a interven??o do governo no mercado banc?rio brasileiro e descobrir qual o efeito que tal conduta acarretou nos bancos p?blicos e acionistas, qualitativamente e, se poss?vel, quantitativamente.