This essay aims to assess whether the effectiveness
of monetary policy diminished after 2008 with the increase in the share of
directed credit in the total credit in the Brazilian economy. For this reason,
the monetary policy was only able to act on part of the credit existing in the
economy. The main findings reveal that, up to September 2008, the pattern of
interest rates influenced the directed credit, which corroborates with the
research hypothesis. On the other hand, as of October 2008, it was found that
only free credit was influenced by monetary policy and that the pattern of
directed credit negatively affected the perception of risk in the Brazilian
economy in the initial periods and over longer horizons. This suggests the
policy of increasing the share of directed credit constitutes a strategy that
does not contribute to the positive evolution of Brazil.
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