Assimetria de informação no mercado de crédito brasileiro: avaliação empírica para modalidades de crédito livre (2007-2020)

Abstract

The credit market is an important tool to measure the health and well-being of an economy. With such in mind, it becomes important to study the credit market and its behavior according to the different economy cycles. The present work aims the analysis of theory and empirical evidences associated with the information asymmetry present in Brazilian credit market. At first, there was done an analysis of credit variants, such as the exchanged amount, concession deadlines, average spread charged and default rates to the general credit market, with sect division both to the personal and company level, willing to observe the responses of these variants to the shocks caused by changes in the monetary politics. The study begins reviewing the literature on information asymmetry theory and its negative effects that directly impact the credit market. Then, some of the measures taken to avoid the problem caused by the information asymmetry were explained and also records on the behavior of such variants inside of an empirical model. On the empirical model, an vector autoregression (VAR) was estimated, with an impulse response function of the analyzed variants. Such work has allowed to prove empirically that an environment influenced by information asymmetry, risk and uncertainty, monetary politics negative influences amount of available credit and concession deadlines, while impacts the practiced spread and default rates in a positive way.