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Bye, bye financial repression, hello financial deepening: The anatomy of a financial boom

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  • De Mello, João Manoel P.
  • Garcia, Márcio G.P.

Abstract

Since the conquest of hyperinflation, with the Real Plan, in 1994, the Brazilian financial system has grown from early infancy to late adolescence. We describe the process of maturing with emphasis on the defining features of the Brazilian financial system over the last 20 years: (1) stabilization and the subsequent financial crisis; (2) universality of banks; (3) market segmentation through public lending; (4) institutional improvement. Further paraphrasing Diaz-Alejandro (1985), we raise some hypotheses on why, this time, the financial boom has not (at least yet) turned into a financial crash.

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Bibliographic Info

Article provided by Elsevier in its journal The Quarterly Review of Economics and Finance.

Volume (Year): 52 (2012)
Issue (Month): 2 ()
Pages: 135-153

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Handle: RePEc:eee:quaeco:v:52:y:2012:i:2:p:135-153

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Web page: http://www.elsevier.com/locate/inca/620167

Related research

Keywords: Financial repression; Financial deepening; Stabilization; Stability; Financial crisis; Stability;

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  1. Dionisio Dias CArneiro & Rogério Ladeira Furquim Werneck & Marcio Gomes Pinto Garcia, 1993. "Strengthening the financial sector in the Brazilian economy," Textos para discussão 307, Department of Economics PUC-Rio (Brazil).
  2. William Adams & Liran Einav & Jonathan Levin, 2009. "Liquidity Constraints and Imperfect Information in Subprime Lending," American Economic Review, American Economic Association, vol. 99(1), pages 49-84, March.
  3. Ana Carla A. Costa & João M. P. de Mello, 2006. "Judicial Risk and Credit Market Performance: Micro Evidence from Brazil Payroll Loans," Working Papers Series 102, Central Bank of Brazil, Research Department.
  4. Ana Carla A. Costa & Joao M.P. De Mello, 2006. "Judicial Risk and Credit Market Performance: Micro Evidence from Brazilian Payroll Loans," NBER Working Papers 12252, National Bureau of Economic Research, Inc.
  5. Cysne, Rubens Penha & Lisbôa, Paulo César Coimbra, 2004. "Imposto inflacionário e transferências inflacionárias no Brasil: 1947-2003," Economics Working Papers (Ensaios Economicos da EPGE) 539, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
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