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The Capital Market: Normalisation and Development of Financial Intermediaries

In: Banking and Financial Deepening in Brazil

Author

Listed:
  • Francis A. Lees

    (St John’s University)

  • James M. Botts

    (Coopers & Lybrand)

  • Rubens Penha Cysne

    (Getulio Vargas Foundation)

Abstract

One can view the development of Brazilian capital markets as encompassing four specific but related developments. In a broad sense all four are tied together, and in various ways contributed to the deepening of the financial markets. These four specific developments include: 1. Normalisation Legislation of 1964–5 Legislation of 1976–7 2. Development of the stock market 3. Promotion of capital market institutions Fiscal incentive funds Pension funds Mutual funds 4. Growth of venture capital activities Debt conversion programme Privatisation programme Encouragement of special venture capital vehicles We discuss items 1 and 3 primarily in this chapter. Item 2 is discussed in the following chapter. In part we have outlined the activities of short-term mutual funds in Chapter 8.

Suggested Citation

  • Francis A. Lees & James M. Botts & Rubens Penha Cysne, 1990. "The Capital Market: Normalisation and Development of Financial Intermediaries," Palgrave Macmillan Books, in: Banking and Financial Deepening in Brazil, chapter 9, pages 235-278, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10639-4_9
    DOI: 10.1007/978-1-349-10639-4_9
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