INTEGRAÇÃO FINANCEIRA E AUTONOMIA DE POLÍTICA MONETÁRIA: INVESTIGANDO RELAÇÕES DE CAUSALIDADE PARA A ECONOMIA BRASILEIRA EM ÉPOCA RECENTE

In the last two decades the financial integration between countries arose. In consequence appeared questions on different degrees of autonomy of monetary politics of these countries. The traditional sight is that interest rate is determined by offer and demand of loaned funds and that the monetary authority has no autonomy to fix different rates from those ones of the market. But an alternative sight defends that it is possible to define with autonomy the domestic interest rate, even in this context. This study wants to analysis the viability of this latest sight for Brazilian real situation. The results suggest it could be feasible and then the monetary authority could reduce the interest rate to make possible a virtuous circle of greater growing and stability.