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Restructuring Brazil’s National Financial System

Author

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  • Ernani Teixeira Torres Filho
  • Luiz Macahyba
  • Rodrigo Zeidan

Abstract

This paper focuses on the recent development of the Brazilian financial system and its institutions. It begins by presenting an overview of the credit market in the post-Real Plan period. After stabilization, financial institutions had to be completely reformed. A very conservative and successful regulatory framework was created to avoid the permanent instability of the past. The paper also analyses the impact of the rapid credit growth after 2004 and the role of state-owned banks in compensating for the impact of the international crisis of 2008. It is important to note that the process of formulation and implementation of the financial market reforms was not the result of prior strategic planning, but a response based on the past experience of internal and external crises and the political opportunities created after 1994.

Suggested Citation

  • Ernani Teixeira Torres Filho & Luiz Macahyba & Rodrigo Zeidan, 2014. "Restructuring Brazil’s National Financial System," Global Development Institute Working Paper Series iriba_wp06, GDI, The University of Manchester.
    • Handle: RePEc:bwp:bwppap:iriba_wp06
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    File URL: http://www.brazil4africa.org/wp-content/uploads/publications/working_papers/IRIBA_WP06_Restructuring_Brazil's_National_Financial_System.pdf
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    Cited by:

    1. Amann, Edmund & Baer, Werner & Trebat, Thomas & Lora, Juan Villa, 2016. "Infrastructure and its role in Brazil's development process," The Quarterly Review of Economics and Finance, Elsevier, vol. 62(C), pages 66-73.
    2. Fatma Bouattour, 2020. "Measuring financial constraints of Brazilian industries: Rajan and Zingales index revisited," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 29(6), pages 677-710, August.

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