Uma análise das políticas do FED e do Banco Central do Brasil na crise do subprime

Abstract

The main objective of this work is to investigate the policies adopted by the Central Bank of Brazil and the Federal Reserve Bank during the subprime crisis in order to mitigate the effects caused by the crisis. For this, the work addresses the period before the crisis, presenting the factors that allowed the creation of a scenario conducive to the formation of a mortgage bubble and its effects on the economy. Furthermore, through a theoretical discussion, the instruments of conventional monetary policy (PMC) and unconventional monetary policy (PMNC) are presented. It is concluded that there was an adoption of PMC instruments by the Central Bank of Brazil, while the Fed, from the deterioration of the financial scenario, decided to adopt PMNC instruments.