Análise da demanda por títulos privados de financiamento do agronegócio

Abstract

Starting in the 1990’s decade, some private mechanisms were created to complement the agribusiness rural credit supply. They are: Rural Product Notes (CPR), Agricultural Deposit Certificate (CDA), Agricultural Warrant (WA), Agribusiness Credit Rights Certificate (CDCA), Agribusiness Letters of Credit (LCA) and Agribusiness Receivable Certificate (CRA). The objective of this study is to identify economic elements that impact on the amount of negotiation of these funding tools. Taking into consideration econometric analyzes, using the Ordinary Least Squares method. The achievied results show that the volume of funds of CPR is directly associated to the Bovespa index. The CDCA registered volume indicated positive association of Bovespa index and Rural Credit volume. On the Other hand, the registered volume of LCA indicated negative association to the variation of Bovespa index and interest rate of Rural Credit and positive association of CDCA store. Lastly, the CRA registered volume was positively associated to Bovespa index, volume and interest rate of Rural Credit, besides being negatively associated to rural insurance. The results contribute to expansion of knowledge considering agribusiness private titles, that throughout the years are getting consolidated as na alternative to compliment the credit demand existing in the sector.