Principais determinantes do spread de juros em Moçambique 2001 - 2006: teoria e evidências empíricas

Abstract

Recently, economic agents have complained, supported by some studies, that interest rates and, consequently, spreads practiced in the Mozambican banking system are excessively high, relative to domestic factors (microeconomic of banks and and in comparison with other banking systems, which makes financial products and services more expensive, conditioning the availability of credit and the desirable development of new businesses and the national economy. Thus, through a panel data sample of 9 commercial banks, the present study analyzes the main determinants of interest spreads in Mozambique in the 2001-2006 period, using fixed effects models for the regression estimation. The results, which are accepted within the hypotheses and limitations observed in the study, show that the high operating costs, credit risk, the market power of banks, the Permanent Lending Facility, capitalization, profits and the rate reserve requirements are the most important determinants of the interest spread in Mozambique. The inflation rate and the efficiency ratio both have a negative and contrary to expectations relationship. (TRADUÇÃO NOSSA)