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Liberalização e desenvolvimento financeiro: lições da experiência brasileira no período 1990-2006

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  • Hermann, Jennifer

Abstract

Financial liberalization and development: lessons from Brazilian experience over 1990-2006 period - The paper analyses indicators of Brazilian Financial System over the 1990-2006 period, aiming at a preliminary evaluation of the extension of post-liberalization financial development in Brazil. The analysis shows that this process was significantly weaker than expected from a well succeeded policy. The discussion points that: 1) macroeconomic environment seems more relevant to financial development than financial policy; 2) the environment that favors financial development is not one marked by monetary and fiscal equilibrium, but by economic growth; 3) liberalization has ambiguous effects to economic and financial development, maintaining both in a ?stop and go? pace.

Suggested Citation

  • Hermann, Jennifer, 2010. "Liberalização e desenvolvimento financeiro: lições da experiência brasileira no período 1990-2006," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 40, pages 1-34, August.
    • Handle: RePEc:euc:ancoec:v:40:y:2010:p:257-290
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    More about this item

    Keywords

    Brazilian financial system; Financial policy; Liberalization; Financial development; Economic develo;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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