Brazil : Interest Rates and Intermediation Spreads

This study sheds light on the analytical and policy issues regarding the high intermediation spread in Brazil, focusing on its determinants, the reasons for its persistence, and its impact on the real economy, especially on access to finance for Br...

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Main Author:	World Bank
Format:	Economic & Sector Work
Language:	English en_US
Published:	Washington, DC 2015
Subjects:	ACCOUNTING ADMINISTRATIVE COSTS ADVERSE IMPACTS AGENTS AGGREGATE DEMAND ASSET PRICES BALANCE SHEETS BANK LENDING BANK LOANS BANKING CONCENTRATION BANKING INDUSTRY BANKING SERVICES BANKING SYSTEM BORROWING CDS CENTRAL BANK COMMERCIAL BANKS CONTRACT ENFORCEMENT COUNTRY COMPARISONS CREDIT MARKETS CREDIT RISK CREDITOR PROTECTION DEFAULT RISK DEPOSITORS DEVELOPMENT POLICY EARNING ASSETS ECONOMETRIC EVIDENCE ECONOMETRIC MODELS ECONOMIC GROWTH ECONOMIC PERFORMANCE EXTERNAL FINANCING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL ENGINEERING FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FIXED COSTS FUTURE RESEARCH GDP GDP PER CAPITA GOVERNMENT REGULATIONS GROSS DOMESTIC PRODUCT INCOME STATEMENTS INEFFICIENCY INFLATION INFLATION RATE INTEREST INCOME INTEREST MARGIN INTEREST RATE INTEREST RATES INVESTMENT CLIMATE INVESTMENT CLIMATE ASSESSMENT LATIN AMERICAN LIQUIDITY MACROECONOMIC POLICY MACROECONOMIC STABILITY MARGINAL COST MATURITIES MICROECONOMIC ANALYSIS MONETARY POLICY MUTUAL FUNDS NET INTEREST MARGIN OPERATING COSTS PRODUCTIVITY PROGRAMS PUBLIC DEBT REAL INTEREST RATE RESERVE REQUIREMENTS RETURN ON ASSETS RETURN ON EQUITY RISK MITIGATION ROA ROE SAVINGS SECURITIES SOCIAL SECURITY SOLVENCY STATEMENT TAXATION TOTAL FACTOR PRODUCTIVITY TRADE CREDIT UNDERLYING PROBLEMS WORKING CAPITAL
Online Access:	http://documents.worldbank.org/curated/en/2006/07/7533006/brazil-interest-rates-intermediation-spreads http://hdl.handle.net/10986/21461

id	okr-10986-21461
recordtype	oai_dc
spelling	okr-10986-214612021-04-23T14:04:02Z Brazil : Interest Rates and Intermediation Spreads World Bank ACCOUNTING ADMINISTRATIVE COSTS ADVERSE IMPACTS AGENTS AGGREGATE DEMAND ASSET PRICES BALANCE SHEETS BANK LENDING BANK LOANS BANKING CONCENTRATION BANKING INDUSTRY BANKING SERVICES BANKING SYSTEM BORROWING CDS CENTRAL BANK COMMERCIAL BANKS CONTRACT ENFORCEMENT COUNTRY COMPARISONS CREDIT MARKETS CREDIT RISK CREDITOR PROTECTION DEFAULT RISK DEPOSITORS DEVELOPMENT POLICY EARNING ASSETS ECONOMETRIC EVIDENCE ECONOMETRIC MODELS ECONOMIC GROWTH ECONOMIC PERFORMANCE EXTERNAL FINANCING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL ENGINEERING FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FIXED COSTS FUTURE RESEARCH GDP GDP PER CAPITA GOVERNMENT REGULATIONS GROSS DOMESTIC PRODUCT INCOME STATEMENTS INEFFICIENCY INFLATION INFLATION RATE INTEREST INCOME INTEREST MARGIN INTEREST RATE INTEREST RATES INVESTMENT CLIMATE INVESTMENT CLIMATE ASSESSMENT LATIN AMERICAN LIQUIDITY MACROECONOMIC POLICY MACROECONOMIC STABILITY MARGINAL COST MATURITIES MICROECONOMIC ANALYSIS MONETARY POLICY MUTUAL FUNDS NET INTEREST MARGIN OPERATING COSTS PRODUCTIVITY PROGRAMS PUBLIC DEBT REAL INTEREST RATE RESERVE REQUIREMENTS RETURN ON ASSETS RETURN ON EQUITY RISK MITIGATION ROA ROE SAVINGS SECURITIES SOCIAL SECURITY SOLVENCY STATEMENT TAXATION TOTAL FACTOR PRODUCTIVITY TRADE CREDIT UNDERLYING PROBLEMS WORKING CAPITAL This study sheds light on the analytical and policy issues regarding the high intermediation spread in Brazil, focusing on its determinants, the reasons for its persistence, and its impact on the real economy, especially on access to finance for Brazilian firms. The key contention of the analysis is that high intermediation spreads are a symptom of underlying problems; as such, spreads constitute a window that, when open appropriately and under the right analytical light, can unveil deeper issues concerning the Brazilian financial system, its functioning, and its linkages to economic performance. The study's major contribution is to investigate the level of intermediation spreads in Brazil from macro, micro, and international perspectives. In particular, the international perspective compares the Brazilian financial system with industrialized countries and Latin American peers to provide a background for the analysis, and highlight the areas where Brazil appears to be special. 2015-02-13T21:26:20Z 2015-02-13T21:26:20Z 2006-07-07 http://documents.worldbank.org/curated/en/2006/07/7533006/brazil-interest-rates-intermediation-spreads http://hdl.handle.net/10986/21461 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ Washington, DC Economic & Sector Work Economic & Sector Work :: General Economy, Macroeconomics and Growth Study Latin America & Caribbean Brazil
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING ADMINISTRATIVE COSTS ADVERSE IMPACTS AGENTS AGGREGATE DEMAND ASSET PRICES BALANCE SHEETS BANK LENDING BANK LOANS BANKING CONCENTRATION BANKING INDUSTRY BANKING SERVICES BANKING SYSTEM BORROWING CDS CENTRAL BANK COMMERCIAL BANKS CONTRACT ENFORCEMENT COUNTRY COMPARISONS CREDIT MARKETS CREDIT RISK CREDITOR PROTECTION DEFAULT RISK DEPOSITORS DEVELOPMENT POLICY EARNING ASSETS ECONOMETRIC EVIDENCE ECONOMETRIC MODELS ECONOMIC GROWTH ECONOMIC PERFORMANCE EXTERNAL FINANCING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL ENGINEERING FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FIXED COSTS FUTURE RESEARCH GDP GDP PER CAPITA GOVERNMENT REGULATIONS GROSS DOMESTIC PRODUCT INCOME STATEMENTS INEFFICIENCY INFLATION INFLATION RATE INTEREST INCOME INTEREST MARGIN INTEREST RATE INTEREST RATES INVESTMENT CLIMATE INVESTMENT CLIMATE ASSESSMENT LATIN AMERICAN LIQUIDITY MACROECONOMIC POLICY MACROECONOMIC STABILITY MARGINAL COST MATURITIES MICROECONOMIC ANALYSIS MONETARY POLICY MUTUAL FUNDS NET INTEREST MARGIN OPERATING COSTS PRODUCTIVITY PROGRAMS PUBLIC DEBT REAL INTEREST RATE RESERVE REQUIREMENTS RETURN ON ASSETS RETURN ON EQUITY RISK MITIGATION ROA ROE SAVINGS SECURITIES SOCIAL SECURITY SOLVENCY STATEMENT TAXATION TOTAL FACTOR PRODUCTIVITY TRADE CREDIT UNDERLYING PROBLEMS WORKING CAPITAL
spellingShingle	ACCOUNTING ADMINISTRATIVE COSTS ADVERSE IMPACTS AGENTS AGGREGATE DEMAND ASSET PRICES BALANCE SHEETS BANK LENDING BANK LOANS BANKING CONCENTRATION BANKING INDUSTRY BANKING SERVICES BANKING SYSTEM BORROWING CDS CENTRAL BANK COMMERCIAL BANKS CONTRACT ENFORCEMENT COUNTRY COMPARISONS CREDIT MARKETS CREDIT RISK CREDITOR PROTECTION DEFAULT RISK DEPOSITORS DEVELOPMENT POLICY EARNING ASSETS ECONOMETRIC EVIDENCE ECONOMETRIC MODELS ECONOMIC GROWTH ECONOMIC PERFORMANCE EXTERNAL FINANCING FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL DEEPENING FINANCIAL ENGINEERING FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FIXED COSTS FUTURE RESEARCH GDP GDP PER CAPITA GOVERNMENT REGULATIONS GROSS DOMESTIC PRODUCT INCOME STATEMENTS INEFFICIENCY INFLATION INFLATION RATE INTEREST INCOME INTEREST MARGIN INTEREST RATE INTEREST RATES INVESTMENT CLIMATE INVESTMENT CLIMATE ASSESSMENT LATIN AMERICAN LIQUIDITY MACROECONOMIC POLICY MACROECONOMIC STABILITY MARGINAL COST MATURITIES MICROECONOMIC ANALYSIS MONETARY POLICY MUTUAL FUNDS NET INTEREST MARGIN OPERATING COSTS PRODUCTIVITY PROGRAMS PUBLIC DEBT REAL INTEREST RATE RESERVE REQUIREMENTS RETURN ON ASSETS RETURN ON EQUITY RISK MITIGATION ROA ROE SAVINGS SECURITIES SOCIAL SECURITY SOLVENCY STATEMENT TAXATION TOTAL FACTOR PRODUCTIVITY TRADE CREDIT UNDERLYING PROBLEMS WORKING CAPITAL World Bank Brazil : Interest Rates and Intermediation Spreads
geographic_facet	Latin America & Caribbean Brazil
description	This study sheds light on the analytical and policy issues regarding the high intermediation spread in Brazil, focusing on its determinants, the reasons for its persistence, and its impact on the real economy, especially on access to finance for Brazilian firms. The key contention of the analysis is that high intermediation spreads are a symptom of underlying problems; as such, spreads constitute a window that, when open appropriately and under the right analytical light, can unveil deeper issues concerning the Brazilian financial system, its functioning, and its linkages to economic performance. The study's major contribution is to investigate the level of intermediation spreads in Brazil from macro, micro, and international perspectives. In particular, the international perspective compares the Brazilian financial system with industrialized countries and Latin American peers to provide a background for the analysis, and highlight the areas where Brazil appears to be special.
format	Economic & Sector Work
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Brazil : Interest Rates and Intermediation Spreads
title_short	Brazil : Interest Rates and Intermediation Spreads
title_full	Brazil : Interest Rates and Intermediation Spreads
title_fullStr	Brazil : Interest Rates and Intermediation Spreads
title_full_unstemmed	Brazil : Interest Rates and Intermediation Spreads
title_sort	brazil : interest rates and intermediation spreads
publisher	Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2006/07/7533006/brazil-interest-rates-intermediation-spreads http://hdl.handle.net/10986/21461
_version_	1764448329365716992

Brazil : Interest Rates and Intermediation Spreads

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