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Previous issue date: 2018-07-24 / This dissertation examines the impacts of monetary shocks on investment decisions of firms located in Brazil to test the presence of the financial accelerator. Because of this, after a brief review of the literature, limiting the scope of transmission via the balance sheet channel, a panel consisting of Brazilian firms from 2005 to 2017 were tested. Regression control variables include control of the effect of the BNDES on the financial leverage of firms. After tests performed under reasonable levels of significance, the resources generated internally by the firm's operations were the only variable that impacted the investments. The literature that discusses the impact of BNDES on the Brazilian capital market is also revisited in order to corroborate the results obtained in the tests. / O presente trabalho examina os impactos de choques monetários sobre decisões de investimentos de firmas localizadas no Brasil para testar se existe a presença do acelerador financeiro. Para isto, após uma breve revisão da literatura, limitando o escopo de transmissão via canal do balanço, um painel contendo firmas brasileiras de 2005 a 2017 foi testado. Dentre as variáveis de controle da regressão, inclui-se o controle do efeito do BNDES sobre a alavancagem financeira das firmas. Após testes realizados sob níveis de significância razoáveis, os recursos gerados internamente pelas operações das firmas é a única variável que impacta os investimentos. A literatura que discute o impacto do BNDES no mercado de capitais brasileiro também é revisitada de modo a corroborar os resultados obtidos nos testes.
| Identifer | oai:union.ndltd.org:IBICT/oai:bibliotecadigital.fgv.br:10438/24803 |
| Date | 24 July 2018 |
| Creators | Silva, Nathalie dos Santos |
| Contributors | Cintra, Roberto Barbosa, Bueno, Rodrigo de Losso da Silveira, Escolas::EESP, Tenani, Paulo Sérgio |
| Source Sets | IBICT Brazilian ETDs |
| Language | English |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Source | reponame:Repositório Institucional do FGV, instname:Fundação Getulio Vargas, instacron:FGV |
| Rights | info:eu-repo/semantics/openAccess |
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