Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro
Year: 2011
Type: article
Abstract: Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro WalTeR goNçalVeS JuNIoR* WIllIam eID JuNIoRMonetary policy surprises and capital markets: evidences from the Brazilian case This article evaluates the effects that monetary policy actions exert on Brazilian stock market.By the measures defined to estimate the surprise caused by Comitê de Política Monetária do Banco Central do Brasil (COPOM) decisions, it was verified that to a hypothetic unexpected 1% increase in the target rate is associated an 1.3% average fall of Bovespa Index.Additional tests did not show distinct reactions caused by direction decisions, neither evidences from relevant recent economic events or decision contexts having influences on the surprise responses.
Institutions: Central Bank of Brazil, Fundação Getulio Vargas
Language: Portuguese
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W2137310992