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Impediments to the development and efficiency of financial intermediation in Brazil

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  • Beck, Thorsten

Abstract

Reforms to improve both the level and the efficiency of financial inter-mediation in Brazil should be high on Brazilian policymakers'agendas, because of the financial sector's importance to economic growth. This means that Brazil must also improve the legal and regulatory environment in which its financial institutions operate. Brazil is weak in important components of such creditors, the enforcement of contracts, and the sharing of credit information among intermediaries. Recent reforms, such as the extension of alienacao fiduciaria to housing, the introduction of cedula de credito bancario, the legal separation of principal and interest, and improvements in credit information system, are useful steps in strengthening the framework. But more is needed. Reforms that will significantly increase the level and efficiency of financial inter-mediation, and have a positive impact on economic growth include: 1) A more efficient judicial sector and better enforcement of contracts. 2) Stronger rights for secured and unsecured creditors. 3) Stronger accounting standards and practices, to improve the quality of information available about borrowers. 4) The development of a legal and regulatory framework that facilitates the exchange among financial institutions of both negative and positive information about borrowers.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2382.

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Date of creation: 30 Jun 2000
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Handle: RePEc:wbk:wbrwps:2382

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Keywords: Payment Systems&Infrastructure; Banks&Banking Reform; Environmental Economics&Policies; International Terrorism&Counterterrorism; Economic Theory&Research; Banks&Banking Reform; Environmental Economics&Policies; Economic Theory&Research; Financial Intermediation; International Terrorism&Counterterrorism;

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  1. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Legal Determinants of External Finance," Working Paper 19443, Harvard University OpenScholar.
  2. Demirguc, Asli & Huizinga, Harry, 1999. "Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence," World Bank Economic Review, World Bank Group, vol. 13(2), pages 379-408, May.
  3. Levine, Ross & Loayza, Norman & Beck, Thorsten, 1999. "Financial intermediation and growth : Causality and causes," Policy Research Working Paper Series 2059, The World Bank.
  4. Beck, Thorsten & Levine, Ross & Loayza, Norman, 2000. "Finance and the sources of growth," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 261-300.
  5. Raghuram G. Rajan & Luigi Zingales, 1996. "Financial Dependence and Growth," NBER Working Papers 5758, National Bureau of Economic Research, Inc.
  6. Beck, T.H.L. & Demirgüç-Kunt, A. & Levine, R., 2000. "A new database on financial development and structure," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125518, Tilburg University.
  7. Boyd, John H. & Levine, Ross & Smith, Bruce D., 2001. "The impact of inflation on financial sector performance," Journal of Monetary Economics, Elsevier, vol. 47(2), pages 221-248, April.
  8. Armando Castelar Pinneiro & Célia Cabral, 1999. "Credit Markets in Brazil: The Role of Judicial Enforcement and Other Institutions," Research Department Publications 3066, Inter-American Development Bank, Research Department.
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Cited by:
  1. Joe Crowley, 2007. "Interest Rate Spreads in English-Speaking African Countries," IMF Working Papers 07/101, International Monetary Fund.

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