Os Efeitos da CPMF sobre a Intermediação Financeira

Abstract

The purpose of this article is to empirically evaluate the impact of the Provisional Contribution on Financial Turnover (CPMF) in the financial intermediation. More specifically, it analyzes the consequences of the introduction of the CPMF on: a) the number of checks issued; b) the CPMF base; c) the volume of M1; d) the allocation of resources between time deposits and investment funds and e) the bank interest spread. The main conclusions are: i) the CPMF erodes its own tax base; ii) the CPMF reduced the number of checks used in the economy; iii) the effect of the CPMF on the M1 is positive, although not very significant; iv) considering portfolio allocation, the CPMF fostered a transference of time deposits to investment funds; v) the CPMF increases the gross banking spread and reduces the net spread, thus leading to lower returns to all the agents involved in the financial intermediation process namely, the loan undertakers, savers and the financial intermediaries.