title: Monetary Expansion and the Banking Lending Channel.
abstract: This paper examines the bank lending channel, which considers how monetary authority actions affect the variation of loans. We focus on the BRICS (Brazil, Russia, India, China and South Africa) totalizing 1254 banks from five countries in the period 2000-2012 (totalizing 13 years). The empirical results show that the effect of money supply growth on the growth of loans is non-linear and inverted U-shaped. In this context, our results show empirical evidence expansionary monetary policies do not increase the propensity of economic agents to systematically take greater risks on the market. After a certain level of money stock, increases in the money supply do not lead to increased negotiated credit.
authors.affiliation: Department of Law and Economics, Catholic University of Brasília, Brasília, Distrito Federal, Brazil.
authors.forename: Benjamin Miranda
authors.identifier: http://orcid.org/0000-0002-7935-3188
authors.initials: BM
authors.lastname: Tabak
authors.affiliation: Department of Economics, Catholic University of Brasília, Brasília, Distrito Federal, Brazil.
authors.forename: Tito Belchior Silva
authors.initials: TB
authors.lastname: Moreira
authors.affiliation: London Business School, London, UK.
authors.forename: Dimas Mateus
authors.initials: DM
authors.lastname: Fazio
authors.affiliation: Department of Business, Catholic University of Brasília, Brasília, Distrito Federal, Brazil.
authors.forename: André Luiz Cordeiro
authors.initials: AL
authors.lastname: Cavalcanti
authors.affiliation: Department of Economics, Catholic University of Brasília, Brasília, Distrito Federal, Brazil.
authors.forename: George Henrrique de Moura
authors.initials: GH
authors.lastname: Cunha
mesh_terms: D005376:Financial Management / Q000379:methods*; D006801:Humans