The present article sought to evaluate the performance of the monetary policy of credit
rationing in Brazil, especially the behavior of the offer of private bank credits in view of the
variations in the default rate of corporate borrowers and, also, of the basic interest rate
determined by Central Bank, in the post-implementation period of the macroeconomic tripod
until the months that followed the onset of the subprime crisis. In view of the presented
scenario, the fundamental objective of this article is to formalize an empirical application
based on the theory of credit rationing by Joseph Eugene Stiglitz and by neo-Keynesian
authors, applied to the case of the Brazilian money market, in view of the high interest
monetary policy in the period between June 2000 and March 2009. The main conclusion is
that, despite the rigidity of interest rates on loans, the rationing of bank credit in Brazil is due,
on the one hand, to the policy high interest rate and, on the other hand, for the cautious
behavior of banks for fear of default, marked by excessive prudence and, above all, by the
high basic interest rate.
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