Made available in DSpace on 2015-04-14T14:27:03Z (GMT). No. of bitstreams: 1 448900.pdf: 3038490 bytes, checksum: 2e0eeacfc638c3cd6bd75aeafe0d72b2 (MD5) Previous issue date: 2013-03-14 / This dissertation present a discussion on exchange rate and monetary policies and their potential asymmetric effects in regional terms for Brazil. The main focus is to examine how regional economies are affected by variations in the level of exchange rates and interest rates, and in particular, something that previous studies do not point: what is the impact of regional variations in the exchange rate? And deepening the study, how long regional economies are affected? What is the intensity and impact of these effects? For this, the dissertation was divided into four chapters, besides the introduction. In chapter two was discussed the theoretical background, with the presentation of analyzes that seek to explain the asymmetric effects of macroeconomic policies on the productive structures and sites on the different regions of a country or region, besides the characterization of regional economies studied. The third chapter presents the methodological strategy, modeling Vector Auto-Regressive (VAR) used in the study and the procedures followed to reach the results. Chapter four presents the results of work in the estimation of the model, the analysis of impulse-response functions and the dynamic effects of monetary and exchange rate shocks on the study variables. Chapter five presents the conclusions of the study that indicates the confirmation that there are asymmetries in the responses of the Brazilian states facing common macroeconomic shocks, since regionally differentiated impacts were found in the sample used, showing that structural features as productive structure and economic relationship between regional economies are of paramount importance to explain the different levels of impacts, with very large differences in the intensity and staging of responses. / Nesta disserta??o, apresenta-se uma discuss?o sobre as pol?ticas cambial e monet?ria e seus potenciais efeitos assim?tricos em termos regionais para o Brasil. O foco principal ? analisar de que modo as economias regionais s?o afetadas pelas varia??es no n?vel de c?mbio e da taxa b?sica de juros, e em especial, algo que os trabalhos anteriores n?o apontam: qual o impacto regional de varia??es na taxa de c?mbio? E aprofundando o estudo, por quanto tempo as economias regionais s?o afetadas? Qual a intensidade e a repercuss?o desses efeitos? Para isso, o trabalho foi dividido em quatro cap?tulos, al?m da introdu??o. No cap?tulo dois, ? discutido o referencial te?rico, com a apresenta??o de an?lises que buscam explicar os efeitos assim?tricos das pol?ticas macroecon?micas sobre as estruturas produtivas locais e sobre as distintas regi?es de um pa?s ou regi?o, al?m da caracteriza??o das economias regionais estudadas. No terceiro cap?tulo, apresenta-se a estrat?gia metodol?gica, a modelagem de Vetores Auto-Regressivos (VAR) utilizada no estudo e os procedimentos tomados para se chegar aos resultados. O cap?tulo quatro apresenta os resultados, com as estima??es do modelo, a an?lise das fun??es impulsoresposta e os efeitos din?micos dos choques cambiais e monet?rios sobre as vari?veis de estudo. O cap?tulo cinco apresenta as conclus?es do trabalho que apontam para a confirma??o de que h? assimetrias nas respostas dos estados brasileiros frente a choques macroecon?micos comuns, j? que foram constatados impactos regionalmente diferenciados na amostra utilizada, mostrando que caracteristicas como estrutura produtiva e inser??o no com?rcio internacional das economias regionais s?o de suma import?ncia para explicar os diferentes n?veis de impactos, com diferen?as bastante acentuadas na intensidade e temporariedade das respostas.

Made available in DSpace on 2015-04-14T14:27:00Z (GMT). No. of bitstreams: 1 438881.pdf: 3090442 bytes, checksum: e1afa5b812d3a913bc077dad1885a315 (MD5) Previous issue date: 2012-03-29 / The present study aimed to examine the existence and relevance of the credit channel, the channel being divided between bank lending and balance sheet channel, the transmission of monetary policy in Brazil from January 2001 to July 2011, for this was used IPCA and IGP-DI. The methodology analyzes the Vector Auto-Regressive (VAR), as Granger causality tests, impulse function and response, variance decomposition analysis and speeds, and this, coming from the test Vector Error Correction (VECM .) The results show the credit channel, bank loans in the segment, important and relevant to raise economic growth, but with greater significance using the IGP-DI, and sustainable over time and an auxiliary channel to channel the money. Since the channel of the balance sheet, despite showing that increases the production of the economy, a channel is negligible, but significant, even if a channel has little development, and most influential currency, securities and exchange. Can not correspond to say that an auxiliary channel of the coin. And that use of the IPCA collaborates with the results of the IGP-DI increasing the production of the Brazilian economy to its potential level. The research concludes that there is in the Brazilian economy during this period, the four transmission channels of monetary policy. / O presente estudo teve como objetivo examinar a exist?ncia e a relev?ncia do canal de cr?dito, sendo dividido entre o canal dos empr?stimos banc?rios e o canal do balan?o patrimonial, na transmiss?o da pol?tica monet?ria no Brasil no per?odo de janeiro de 2001 a julho de 2011, para isso foi usado o IGP-DI e o IPCA. A metodologia utilizada foi as an?lises de Vetores Auto-Regressivo (VAR), como os testes de causalidade de Granger, fun??o impulso e resposta, decomposi??o da vari?ncia e an?lise das velocidades, sendo este, oriundo do teste de Vetor de Corre??o de Erros (VECM). Os resultados encontrados mostram o canal de cr?dito, no segmento empr?stimos banc?rio, importante e relevante para elevar o crescimento econ?mico, mas com maior signific?ncia com o uso do IGP-DI, sendo sustent?vel ao longo prazo e um canal auxiliar ao canal da moeda. J? o canal do balan?o patrimonial, apesar de mostrar que eleva a produ??o da economia, ? um canal pouco significativo, mas relevante, mesmo sendo um canal ainda pouco desenvolvimento, sendo mais influente a moeda, os t?tulos e o c?mbio. N?o podendo dizer que correspondem a um canal auxiliar ao da moeda. E que o uso do IPCA colabora com os resultados do IGP-DI elevando a produ??o da economia brasileira ao seu n?vel potencial. A pesquisa conclui que existem na economia brasileira, neste per?odo, os quatro canais de transmiss?o da pol?tica monet?ria.