Marcos Wagner da Fonseca

This dissertation has as objective studies the differentiated impacts of the monetary policy on the regions and states of Brazil. Initially it was looked for to accomplish a presentation on the monetary theory involved in the discussion, emphasizing the definition of the transmission mechanisms of the monetary policy. There was also the care in presenting the form for the which the monetary policy is led in the industrialized countries and us of emergent economy, for later to look for in the literature papers that presented the transmission mechanisms in the economies of those two blocks of countries. Inside of the discussion, it was noticed that, the performance of these transmission mechanisms could cause differentiated impacts, mainly in regions of a country as the USA. This way, it broke to Brazil and it was looked for to analyze the possibility of they happen differentiated impacts of the monetary policy in the regions and states of the federation. For so much, a revision of the literature began about the performance of the transmission mechanisms in Brazil after the implantation of Real Plan, looking for like this to elevate the analytic power of the next two stages. The first analytic stage was used of the interest rate and  credit channels of the monetary policy transmission, accomplishing a comparative analysis through the conclusions of CARLINO &  DEFINA (1997) on the differentiated impacts of the monetary policy in the states and regions of the USA. The second stage was the empiric analysis for half an estimate VAR (2) for two models, being: a) to evaluate the differentiated impacts through the transmission through interest rate channel, verifying the sensibility of the industrial production in relation to alterations of the Selic rate; and b) to evaluate the differentiated impacts through the transmission through credit channel, verifying the sensibility of the bank credit in relation to alterations of the Selic rate. The conclusion of this dissertation sends for the fact that the states of the regions Northeast, North and Center West, for they have larger proportion of small companies and, at the same time, they be assisted by agencies and bank credit in smaller proportion, they would tend to observe larger impacts of alterations in the basic interest rate.