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010   $a1-4755-5323-4
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035   $a(CKB)3710000000973037
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035   $a(IMF)1BRAEA2016002
035   $a(EXLCZ)993710000000973037
100   $a20020129d2016      uf         0
101 0 $aeng
181   $ctxt$2rdacontent
182   $cc$2rdamedia
183   $acr$2rdacarrier
200 10$aBrazil : $eSelected Issues
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2016.
215   $a1 online resource (159 p.) 
225 1 $aIMF Staff Country Reports
311   $a1-4755-5322-6 
330 3 $aThis paper assesses the importance of financial market developments for the business cycle in Brazil. The results underscore the importance of macro-financial linkages and highlight risks to the recovery going forward. Although some of the rise in credit growth in Brazil can be attributed to financial deepening and rising income levels, it may have implications for economic activity going forward. Cross-country evidence suggests that periods of easy financial conditions can amplify economic fluctuations and possibly lead to adverse economic outcomes. To explore the nexus between the financial cycle and business cycle, cycles are estimated using a variety of commonly-used statistical methods and with a small, semi-structural model of the Brazilian economy. An advantage of using the model-based approach is that financial and business cycles can be jointly estimated, allowing information from all key economic relationships to be used in a consistent way. Financial sector developments are found to be an important source of macroeconomic fluctuations. Financial accelerator models highlight the role of credit and asset prices in shaping the business cycle.
410  0$aIMF Staff Country Reports; Country Report ;$vNo.  2016/349
606   $aForeign Exchange$2imf
606   $aInvestments: Futures$2imf
606   $aMacroeconomics$2imf
606   $aMoney and Monetary Policy$2imf
606   $aPublic Finance$2imf
606   $aSocial Security and Public Pensions$2imf
606   $aPension Funds$2imf
606   $aNon-bank Financial Institutions$2imf
606   $aFinancial Instruments$2imf
606   $aInstitutional Investors$2imf
606   $aMacroeconomics: Consumption$2imf
606   $aSaving$2imf
606   $aWealth$2imf
606   $aPrice Level$2imf
606   $aInflation$2imf
606   $aDeflation$2imf
606   $aPensions$2imf
606   $aCurrency$2imf
606   $aForeign exchange$2imf
606   $aPublic finance & taxation$2imf
606   $aFinance$2imf
606   $aPension spending$2imf
606   $aFutures$2imf
606   $aExchange rates$2imf
606   $aAging$2imf
606   $aExpenditure$2imf
606   $aFinancial institutions$2imf
606   $aPrices$2imf
606   $aPopulation and demographics$2imf
606   $aDerivative securities$2imf
606   $aExpenditures, Public$2imf
606   $aConsumption$2imf
606   $aEconomics$2imf
606   $aBusiness cycles$2imf
607   $aBrazil$2imf
615  7$aForeign Exchange
615  7$aInvestments: Futures
615  7$aMacroeconomics
615  7$aMoney and Monetary Policy
615  7$aPublic Finance
615  7$aSocial Security and Public Pensions
615  7$aPension Funds
615  7$aNon-bank Financial Institutions
615  7$aFinancial Instruments
615  7$aInstitutional Investors
615  7$aMacroeconomics: Consumption
615  7$aSaving
615  7$aWealth
615  7$aPrice Level
615  7$aInflation
615  7$aDeflation
615  7$aPensions
615  7$aCurrency
615  7$aForeign exchange
615  7$aPublic finance & taxation
615  7$aFinance
615  7$aPension spending
615  7$aFutures
615  7$aExchange rates
615  7$aAging
615  7$aExpenditure
615  7$aFinancial institutions
615  7$aPrices
615  7$aPopulation and demographics
615  7$aDerivative securities
615  7$aExpenditures, Public
615  7$aConsumption
615  7$aEconomics
615  7$aBusiness cycles
801  0$bDcWaIMF
906   $aBOOK
912   $a9910155012803321
996   $aBrazil$9467337
997   $aUNINA