Perfil do crédito à pessoa jurídica no Brasil entre 1994 e 2007
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Data
2009-09-16
Autores
Calheiros, Rinaldo Perecin [UNESP]
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Editor
Universidade Estadual Paulista (Unesp)
Resumo
O presente trabalho buscou delinear o perfil do crédito à pessoa jurídica no Brasil após o Plano Real até 2007, assim como analisar o comportamento da estrutura ofertante de crédito no período pela perspectiva Pós-Keynesiana. Utilizando-se dados de volume, juros, prazos entre outros e usufruindo de vários níveis de desagregação dos dados fornecidos, principalmente, pelo Banco Central do Brasil, foi possível definir os agentes credores mais importantes das empresas, destacando-se o papel dos dez maiores bancos múltiplos, do BNDES e do mercado de capitais nesse aspecto. Concluiu-se que houve uma “divisão de tarefas” entre os agentes credores: os bancos múltiplos e comerciais concederam recursos estritamente de curto prazo, nas modalidades de Capital de Giro e de adiantamentos de receitas. O BNDES sustentou a demanda por crédito para a finalidade de investimentos, além de servir de agente anti-cíclico em momentos de retração no crédito. Já o mercado de capitais serviu mais como uma oportunidade exclusivamente para empresas de grande porte do que uma alternativa ao BNDES e ao crédito bancário, já que mostrou-se consistente apenas em períodos de estabilidade econômica. Além da divisão de tarefas concluiu-se que o crédito foi influenciado pela preferência pela liquidez por parte dos agentes credores, já que os mesmos pareceram realizar o trade-off liquidez/rentabilidade, restringindo o crédito em momentos de aversão ao risco, e aumentando a participação do crédito em momentos de maior estabilidade econômica.
The present work aims at delineate the credit profile to the firms in Brazil after Plano Real up to 2007, as well as analyzing the behavior of the supply credit structure in the period in the Post Keynesian Approach. We analyzed fluctuations of the stock of credit, levels of interests, and using several levels of disaggregation of the data, mainly, for the Central Bank of Brazil, it was possible to define the more important suppliers agents of the firms, standing out the role of the ten larger multiple banks, of BNDES and of the stock markets in that aspect. It concludes that there was a division of tasks among the suppliers agents: the multiple and commercial banks granted resources strictly of short period. BNDES sustained the demand for credit for the purpose of investments, besides emerging as an anti-cyclical agent in moments of retraction in the credit. Already the stock market were used more as an opportunity exclusively for strong companies of than an alternative to BNDES and the bank credit, since it was shown solid just in periods of economical stability. Besides the division of tasks it concluded that the credit was influenced by the liquidity preference on the part of the suppliers’ agents, since the same ones seemed to were driving by liquidity/return trade-off, restricting the credit in moments of aversion to of risk, and increasing the participation of the credit in moments of larger economical stability.
The present work aims at delineate the credit profile to the firms in Brazil after Plano Real up to 2007, as well as analyzing the behavior of the supply credit structure in the period in the Post Keynesian Approach. We analyzed fluctuations of the stock of credit, levels of interests, and using several levels of disaggregation of the data, mainly, for the Central Bank of Brazil, it was possible to define the more important suppliers agents of the firms, standing out the role of the ten larger multiple banks, of BNDES and of the stock markets in that aspect. It concludes that there was a division of tasks among the suppliers agents: the multiple and commercial banks granted resources strictly of short period. BNDES sustained the demand for credit for the purpose of investments, besides emerging as an anti-cyclical agent in moments of retraction in the credit. Already the stock market were used more as an opportunity exclusively for strong companies of than an alternative to BNDES and the bank credit, since it was shown solid just in periods of economical stability. Besides the division of tasks it concluded that the credit was influenced by the liquidity preference on the part of the suppliers’ agents, since the same ones seemed to were driving by liquidity/return trade-off, restricting the credit in moments of aversion to of risk, and increasing the participation of the credit in moments of larger economical stability.
Descrição
Palavras-chave
Economia, Créditos, Pessoa juridica - Brasil - 1994-2007, Bancos - Brasil, Reforma monetária, credit, Banks, Post Keynesian Approach
Como citar
CALHEIROS, Rinaldo Perecin. Perfil do crédito à pessoa jurídica no Brasil entre 1994 e 2007. 2009. 138 f. Dissertação (mestrado) - Universidade Estadual Paulista, Faculdade de Ciências e Letras de Araraquara, 2009.