Navegando por Assunto "Interest rate"

Agora exibindo 1 - 3 de 3

Acesso aberto (Open Access)
Keynes’ critique of the classical and neoclassical theories of the rate of interest
(Universidade Federal do Rio Grande do Sul, 2019-03) CARVALHO, André Cutrim; CARVALHO, David Ferreira
The classical theory of the rate of interest is the theory that mainstream economists inherited chiefly from Marshall, Ricardo and Wicksell, and is also this same theory that John Maynard Keynes criticizes in his General Theory for presenting an explanation centered solely on the special case of full employment. Despite the difficulties, Keynes offered a scathing critique of the theory of the rate of interest from both classical and neoclassical economists. This was only made possible because the traditional rationale of these economists remained imprisoned by the trap set by Say’s Law. Therefore, within this context, the main objective of this paper is to undertake a critical analysis of Keynes regarding the classical general theory of the rate of interest, through which we may then demonstrate the points on which he was in disagreement with the neoclassical school. The main conclusion is that Keynes considered that traditional analysis is defective because it was unable to identify the independent variables of the system. Indeed, savings and investment are determined variables and not the determinants of the dynamics of the capitalist economic system. Such determined variables are the twin product of the true determinants, i.e., from the propensity to consume, from the scale of the marginal efficiency of capital and from the interest rates, and this is why the flow of investments tends to expand until the marginal efficiency of capital remains at the rate of interest.
Acesso aberto (Open Access)
Paridade descoberta da taxa de juros da economia brasileira num ambiente de crise financeira mundial: teoria e evidência empírica
(Universidade Federal do Pará, 2015-05) CARVALHO, David Ferreira; CARVALHO, André Cutrim
This article aims to evaluate the effect of the recent policy of lowering the interest rate on the nominal exchange rate floating of the Brazilian economy and based on the theory of uncovered interest parity. The essay discusses the discovery of parity theory interest rate regime of managed floating exchange rate and its empirical validity of the econometric model using cointegration with error correction mechanism.
Acesso aberto (Open Access)
Política monetária de racionamento de crédito e juros altos no Brasil em 2000-2009: modelo macroeconométrico neo-keynesiano
(Associação Keynesiana Brasileira, 2020) CARVALHO, David Ferreira; CARVALHO, André Cutrim; SANTOS, Cleyson Silva dos
The present article sought to evaluate the performance of the monetary policy of credit rationing in Brazil, especially the behavior of the offer of private bank credits in view of the variations in the default rate of corporate borrowers and, also, of the basic interest rate determined by Central Bank, in the post-implementation period of the macroeconomic tripod until the months that followed the onset of the subprime crisis. In view of the presented scenario, the fundamental objective of this article is to formalize an empirical application based on the theory of credit rationing by Joseph Eugene Stiglitz and by neo-Keynesian authors, applied to the case of the Brazilian money market, in view of the high interest monetary policy in the period between June 2000 and March 2009. The main conclusion is that, despite the rigidity of interest rates on loans, the rationing of bank credit in Brazil is due, on the one hand, to the policy high interest rate and, on the other hand, for the cautious behavior of banks for fear of default, marked by excessive prudence and, above all, by the high basic interest rate.