The Impact of the Monetary Policy During the COVID-19 in the Brazilian Banking Sector  

作　　者：Karina Robial Michele Nascimento Jucá 

机构地区：[1]Mackenzie Presbiterian University,Sao Paulo,Brazil

出　　处：《Chinese Business Review》2024年第2期60-75,共16页中国经济评论（英文版）

摘　　要：The COVID-19 pandemic caused an outbreak on the global productive chains,transforming companies and society in general.Governments adopted anticyclical policies such as basic interest rates reduction as response.Brazil basic interest rate is denominated Selic.The application of these policies requires the protagonist of bank’s financial intermediation.This study aims to verify two events-under the perspective of the efficient markets’theory.The first is the communication of the first death by COVID-19-and the subsequent,Selic rate reduction to 2%p.a.-and its effects on bank’s shares prices.The hypotheses presented are:H1-The announcement of the first death by COVID-19 negatively impacts the banks’shares returns and H2-The announcement of the Selic interest rate-during the COVID-19-positively impacts the return of the banks’shares.We adopt event study methodology in a final sample of nine and 15 banks to Events 1 and 2 respectively.The results confirm H1 as well as the semi-strong informational efficiency market.H2 is not confirmed.Results confirm the non-effectiveness of the anticyclical policy of basic interest rate reduction.This contributes to the discussion about the impacts of COVID-19 and the efficacy of anticyclical policies.

关 键 词：monetary policy COVID-19 BANKS Brazil event study 

分 类 号：F821[经济管理—财政学]