变动利率是指由借贷双方协商，规定在长期借款的期限内，利率可以定期（每半年或一年）根据金融市场的行情调整一次。调整后的贷款余额按新利率计息。 对于借款企业来讲，若预测市场利率将下降，应与银行签订浮动利率合同，反之，应与银行签订固定利率合同。
然而，假使变动利率提早一年会带给巴西经济更多影响，但很多观察者表示，央行行长在踩刹车之前已经等待太长时间。
Nonetheless, given that changes in rates take over a year to work their way through the economy, many observers say he waited too long before putting on the brakes.
在可以预见的将来，央行不止很可能将搁置利率变动的政策，再三考虑之后，他们还可能会自己购买更多的债券。
Central Banks are not only likely to keep their policy rates on hold for the foreseeable future, they may, for good measure, buy more bonds themselves.
另一方面，利率变动对收入的影响方向并不唯一。
On the other hand, the income effects of interest-rate changes do not work in only one direction.
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