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National Bank: Ponzi game, PROER and FCVS

Author

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  • Fernando de Holanda Barbosa

Abstract

This paper analyses the causes of the failure of Banco Nacional and the resolution method adopted by the Brazilian central bank. The program (PROER) designed by the central bank and its legal framework allowed the failed bank to buy “defaulted securities”, financed by the central bank, and to use them as borrowing collateral. The paper also analyses the private and social costs of this bank failure. JEL Classification: E58, G21.

Suggested Citation

  • Fernando de Holanda Barbosa, 2008. "National Bank: Ponzi game, PROER and FCVS," Brazilian Journal of Political Economy, Center of Political Economy, vol. 28(1), pages 97-115.
    • Handle: RePEc:ekm:repojs:v:28:y:2008:i:1:p:97-115:id:516
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/516/514
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    More about this item

    Keywords

    Bank Failure; resolution method; Central Bank intervention in failing banks;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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