Decomposição da taxa de variação dos multiplicadores monetários no Brasil

Resumen

In this study we discuss the pattern of the monetary multipliers in Brazil during the period 1980/1998. For a better understandings of such a pattern the rate of change of the multipliers was decomposed in terms of factors which take into account the economic agents (individuals and Banks) preference for financial assets relatively to the individuals money deposits, namely: currency, time deposits, savings deposits, demand for public bonds and the banks reserve requirements.