The Reduction in the Growth of Credit

BRAZIL ECONOMICS - Report 05 May 2014 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
The reduced growth pace of real retail sales is not only due to the slower expansion of employment, causing deceleration of real payroll growth. Another factor is the reduced expansion of credit to individuals. The effects are most visible in car sales, which are very sensitive to bank lending policies. In the past, more plentiful personal credit was largely responsible for the expansion of real retail sales. This is what happened in 2010, when the total volume of non-earmarked credit to individuals grew by 14%, mainly due to easier credit to buy vehicles, for which total lending grew by 40...

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