Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro
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 ta...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Editora 34
2011-09-01
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| Series: | Brazilian Journal of Political Economy |
| Subjects: | |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000300007&lng=en&tlng=en |
| _version_ | 1818968375539269632 |
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| author | Walter Gonçalves Junior William Eid Junior |
| author_facet | Walter Gonçalves Junior William Eid Junior |
| author_sort | Walter Gonçalves Junior |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-12-20T14:03:42Z |
| format | Article |
| id | doaj.art-2f9e6d9385a245ddaf496e5bb438de8d |
| institution | Directory Open Access Journal |
| issn | 1809-4538 |
| language | English |
| last_indexed | 2024-12-20T14:03:42Z |
| publishDate | 2011-09-01 |
| publisher | Editora 34 |
| record_format | Article |
| series | Brazilian Journal of Political Economy |
| spelling | doaj.art-2f9e6d9385a245ddaf496e5bb438de8d2022-12-21T19:38:18ZengEditora 34Brazilian Journal of Political Economy1809-45382011-09-0131343545410.1590/S0101-31572011000300007S0101-31572011000300007Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiroWalter Gonçalves Junior0William Eid Junior1Fundação Getúlio VargasFundação Getúlio VargasThis 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.http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000300007&lng=en&tlng=enmonetary policyBovespasurprisesevent study |
| spellingShingle | Walter Gonçalves Junior William Eid Junior Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro Brazilian Journal of Political Economy monetary policy Bovespa surprises event study |
| title | Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro |
| title_full | Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro |
| title_fullStr | Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro |
| title_full_unstemmed | Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro |
| title_short | Surpresas com relação à política monetária e o mercado de capitais: evidências do caso brasileiro |
| title_sort | surpresas com relacao a politica monetaria e o mercado de capitais evidencias do caso brasileiro |
| topic | monetary policy Bovespa surprises event study |
| url | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000300007&lng=en&tlng=en |
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