The market of corporate debentures and the financing of productive sector in Brazil: a cointegration and causality analysis
DOI:
https://doi.org/10.11606/rco.v5i11.34783Keywords:
Capital market, Economic development, Corporate debt market, Time-series AnalysisAbstract
This paper analyzes the evolution of the Brazilian corporate debt market and its role on corporate financing from 1994 to 2009. Besides the description of the corporate debt market, the paper analyzes, by using co-integration and causality analysis, if there is long-term relationship between corporate debt market and Brazilian economic growth and the direction of the relationship. Additionally, the corporate debt market is compared to the banking market as complementary and competitive instrument of Brazilian productive financing. Tests suggest that there is significant co-integration between the variables under analysis and, in general, the corporate debt market is Granger-cause of economic growth, which means that there is significant influence of debt volume growth on stimulating economic growth. It was also verified that the corporate debt market seems to be more relevant than the banking market in influencing economic growth.Downloads
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