Análise comparativa do comportamento da variação de preço do dinheiro de instituições financeiras com o comportamento dos índices gerais de preços no Brasil, no período de 1995 a 2004

Abstract

The objective of this work is to demonstrate the behavior of the change in the price of money for Financial Institutions in Brazil, that is, to demonstrate the behavior of the interest paid on raising funds in relation to the inflation of the Brazilian economy. The method used was the hypothetical deductive one, using data available in the market, released by the Central Bank of Brazil, and with them an attempt was made to assemble a basic model for calculating the variation in the price of money. The final monthly balances of the fundraising accounts of Bancos do Brasil and Banco Safra were taken as a parameter, over a period of 10 years, from 1995 to 2004, to which the average interest rates practiced by the market in their respective periods. In this hypothetical scenario, the monthly variation of these values was calculated, applying the Laspeyres, Paasche and Fisher formulas. In this way, it was possible to verify that the behavior of the change in the price of money for Financial Institutions in Brazil is very different from the behavior of the inflation of the economy, in certain periods the behavior of the price of money in relation to the inflation of the economy was exactly the opposite. Another fact observed was that the price of money did not vary in the same inflationary proportion as the economy, on the contrary, the interest rate variation movements were more abrupt, varying in much larger proportions than the variation of the economy.