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Brazil’s Capital Market

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  • International Monetary Fund
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    Abstract

    Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded, market infrastructure has been reformed and strengthened, and a diversified investor base has been built. Nonetheless, Brazil’s capital markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long-term fixed rate bonds, still low liquidity in the secondary market, and managing the role of BNDES. A shift to a lower yield curve environment should continue to gradually take place. But further progress will require continued policy effort to assure macro stability and financial sector reforms to promote the development of longer-term private finance.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/224.

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    Length: 21
    Date of creation: 01 Sep 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/224

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    Keywords: Indexation; Stock markets; bonds; bond; bond market; government bonds; rate bonds; equity market; fixed rate bonds; capital market; capital markets; private bond; government bond market; corporate bond market; government bond; corporate bond; private bonds; capital market development; corporate bonds; bond issuance; stock exchanges; bond markets; financial markets; financial system; inflation linked bonds; financial institutions; stock trading; financial market; international standards; bond indices; financial sector; financial instruments; derivative market; liquid capital; derivatives markets; international financial markets; risk aversion; term bonds; private finance; stock exchange; derivative; infrastructure bonds; financial contracts; financial corporations; local bond; capital flows; futures market; hedging; local bond market;

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    1. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
    2. Alex Segura-Ubiergo, 2012. "The Puzzle of Brazil's High Interest Rates," IMF Working Papers 12/62, International Monetary Fund.
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