A relação da política monetária e o financiamento de empresas de pequeno e médio porte

Abstract

Monetary policy is a crucial instrument for the economy, as it influences interest rates and, consequently, the cost of capital. Small and medium-sized enterprises (SMEs) are particularly sensitive to variations in these rates, as they depend on credit to finance their operations. Monetary policy comprises a set of actions that the government takes to guide the country's economy. This is a macroeconomic phenomenon that affects the entire economic system. This study analyzed the relationship between monetary policy and the financing of Small and Medium-sized Companies in Brazil. For the Central Bank, policy transmission mechanisms are used to influence the behavior of economic variables, with the Selic Rate being the main instrument to control inflation and impact the market. However, due to asymmetries, its effects end up being reduced. Brazilian monetary policy adopts the inflation targeting regime. This policy was first used in New Zealand in the 1990s. Since then, several countries have adopted this approach. This strategy, developed by monetary policy makers, replaced the regimes that monitored monetary aggregates and exchange rates, providing greater understanding and transparency in the Central Bank's decisions. Keynes and Friedman are important names who contributed to modern methods and techniques. The first was expansionist and the second contractionary in relation to public spending. The Central Bank acts as the banks' bank, granting loans to banking institutions, controlling the monetary base, buying and selling public bonds, acquiring foreign currencies to maintain control of currency in the country and determining interest rates in accordance with the regime's strategies. adopted, with the main objective of maintaining economic stability. The basic interest rate not only impacts product prices, but also other variables, such as the exchange rate, asset prices, credit and expectations. There is a complexity of factors not controlled by the Central Bank that cause bank interest rates to vary. Small and Medium-sized Companies are those that face the most financial restrictions and difficulties in accessing formal financing. The Covid-19 pandemic has further worsened the economic situation of these companies; the closing rate increased. Development banks are public institutions used by the government to promote the development of a region, helping to overcome market failures, providing liquidity to the economy in times of crisis, helping to prevent the crisis from worsening and reducing its negative effects. The research used a quantitative approach, based on documentary analysis of data published by the Central Bank. This research compared the monetary policy of the Dilma Rousseff, Michel Temer and Jair Bolsonaro governments, to point out what type of fiscal and monetary policy was adopted. The results showed that governments with liberal policies tend to be more favorable to Small and Medium-sized Companies.