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Brazil on the global finance map: an analysis of the development of the Brazilian capital market

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  • Enestor Dos Santos

Abstract

Latin America is enjoying a period of extensive growth. If this trend is to continue into the coming years, the key insufficiencies that could limit total factor productivity will have to be dealt with in order to prevent bottlenecks. One of these insufficiencies is the infrastructure gap. The sources of finance required for infrastructure projects could include a more intensive use of the major resources accumulated by private pension funds. These funds have already been participating in a number of ways in financing projects of this kind through a variety of financial vehicles. Giving more scope to this source of finance means ensuring an appropriate framework, which includes: making substantial changes in the process of socioeconomic cost-benefit analysis; transparent, effective and efficient auctions; a more effective bureaucracy; laws and regulatory processes that ensure appropriate management of the risks of the project at all its stages; and regulation that adapts to the pension funds\' investment regime, which as a strict fiduciary role in favor of the savings of the pension savers who will receive pensions in their old age. This is the only way of ensuring a virtuous circle between infrastructure investment by pension funds and economic growth, which will lead to greater benefits for the country involved.

Suggested Citation

  • Enestor Dos Santos, 2011. "Brazil on the global finance map: an analysis of the development of the Brazilian capital market," Working Papers 1135, BBVA Bank, Economic Research Department.
    • Handle: RePEc:bbv:wpaper:1135
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    References listed on IDEAS

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    1. Angel De la Fuente & Jose Emilio Bosca, 2011. "Gasto educativo por regiones y niveles en 2005," Working Papers 1119, BBVA Bank, Economic Research Department.
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    More about this item

    Keywords

    infrastructure; private pensions; Pensions Funds;
    All these keywords.

    JEL classification:

    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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