Copom discutiu potencial existência de limite efetivo mínimo para juro no Brasil
O Comitê de Política Monetária (Copom) do Banco Central discutiu, em reunião na semana passada, a “potencial existência de um limite efetivo mínimo para a taxa básica de juros brasileira”. É o que informa a ata do encontro, divulgada nesta terça-feira, que detalha a decisão tomada na semana passada, de cortar os juros básicos da economia de 3,75% ao ano para 3% ao ano.
“A maioria dos membros ponderou que o limite seria significativamente maior em economias emergentes do que em países desenvolvidos, devido à presença de um prêmio de risco”, diz o documento. “Foi ressaltado que esse prêmio tende a ser maior no Brasil, dadas a sua relativa fragilidade fiscal e as incertezas quanto à sua trajetória fiscal prospectiva.”
Nessas discussões, afirma a ata, um membro argumentou “que, em princípio, não há razão para a existência de tal limite mínimo operacional, já que os tradicionais canais da política monetária continuariam operantes, sem descontinuidades, embora, possivelmente, com um aumento do efeito de variações da taxa de juros básica sobre os preços de ativos financeiros”.
Segundo a ata, o comitê como um todo reconheceu a importância de gradualismo na condução da política monetária para avaliação da resposta dos preços de ativos financeiros.
O Copom refletiu, na reunião da semana passada, sobre a taxa de juros estrutural da economia e sobre uma possível alteração no caráter permanente de sua queda.
“Finalmente, refletiu-se sobre a taxa de juros estrutural da economia, que, na avaliação do Comitê, também espelha as expectativas dos agentes sobre a trajetória fiscal prospectiva”, diz a ata.
A ata reitera que dois dos membros do colegiado “ponderaram que, mesmo com a possibilidade de elevação da taxa de juros estrutural, poderia ser oportuno prover todo o estímulo necessário de imediato, em conjunto com a sinalização de manutenção da taxa básica de juros pelos próximos meses, de modo a...
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