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Abertura do setor bancário ao capital estrangeiro nos anos 1990: os objetivos e o discurso do governo e dos banqueiros [Opening up of banking sector to foreign capital in the nineties: objectives and discourse of government and bankers]


  • Carlos Eduardo Carvalho


  • Carlos Augusto Vidotto



The opening up of the Brazilian banking sector to foreign capital in the mid-nineties was justified as essential to promote competition as well as to induce Brazilian banks to increase credit supply and to reduce their costs - which did not happen, at least in that decade. Succinctly presented in the Exposition of Motives 311, such goals can be regarded as a diversionary maneuver or a concession to the contemporary liberal discourse. The main objective of the Government was actually to attract foreign capital in order to cope with banking sector problems caused by a sharp decline in inflation and the effects of the 1995 Mexican crisis. Foreign bankers, in turn, although promising changes and innovations, "quality and fair prices", have avoided any effective commitment to practices different from those commonly used in the Brazilian banking sector. The article analyzes public discourse of both actors and its contradictions with their actual objectives.

Suggested Citation

  • Carlos Eduardo Carvalho & Carlos Augusto Vidotto, 2007. "Abertura do setor bancário ao capital estrangeiro nos anos 1990: os objetivos e o discurso do governo e dos banqueiros [Opening up of banking sector to foreign capital in the nineties: objectives and ," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 17(3), pages 395-425, September.
  • Handle: RePEc:nov:artigo:v:17:y:2007:i:3:p:395-425

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    More about this item


    banking sector opening; Brazil; foreign banks; Brazilian financial system;

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean


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