Repercussões de algumas ferramentas da política monetária no crescimento econômico do Haiti e do Brasil: uma análise empírica

Abstract

Monetary policy, a tool used by economic policy of the government to act on economic growth, became the most important in financing of the real sphere. However, the goals it follows are still difficult to reach once can only control the increase of the prices as an option of Brazil’s political government, through the high interest rate. Furthermore, this is a disadvantage for the global consumption and investment. This work aimed to analyze the impacts of monetary policy tools in Haitian and Brazilian economies. After the descriptions of these economies, a multiple linear progression was carried out through the software Gretl 3.0 to examine the characteristic of each independent variable of the economic policy in Gross Domestic Product (GDP), by using data from IPEADATA and Bank of Republic of Haiti (BRH) for Brazil and Haiti, respectively. The results showed that some variables met to the expectation of the both economies. In the Haitian economy, the money supply and compulsory deposits are two variables that had their expectations maintained in relation to the hypotheses of this work. Nevertheless, the exchange rate gave a positive result, which is prejudicial to the economy with the appreciation of the gourde if exports are considered. About the Brazilian economy, the variables of the exchange rate and the monetary supply were confirmed, but the compulsory deposits were different from what was expected. This variable should be used with low coefficient in the Central Bank to enable the commercial banks to have more liquidity to authorize loans to the economic agents.