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Brazil's Financial System: Resilience to Shocks, no Currency Substitution, but Struggling to Promote Growth

  • Ilan Goldfajn
  • Katherine Hennings
  • Hélio Mori

Brazil has evolved a financial system with a smaller presence of public banks and larger participation of foreign banks, less directed credit, and well capitalized banks. Over the years it has been resilient to shocks and was able to preserve the real value of savings in the system, thus avoiding both dollarization and desintermediation. However, reducing the cost and increasing the volume of credit in the economy remains a challenge. Notwithstanding these hurdles, recent advances in the regulation of the financial system should pave the way for better intermediation and higher growth.

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File URL: http://www.bcb.gov.br/pec/wps/ingl/wps75.pdf
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Paper provided by Central Bank of Brazil, Research Department in its series Working Papers Series with number 75.

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Date of creation: Jun 2003
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Handle: RePEc:bcb:wpaper:75
Contact details of provider: Web page: http://www.bcb.gov.br/?english

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  1. John H. Boyd & Pedro Gomis & Sungkyu Kwak & Bruce D. Smith, 2000. "A User's Guide to Banking Crises," Monash Economics Working Papers archive-36, Monash University, Department of Economics.
  2. Marco Terrones & Luis Catão, 2000. "Determinants of Dollarization; The Banking Side," IMF Working Papers 00/146, International Monetary Fund.
  3. Gerard Caprio & Patrick Honohan, 2008. "Banking Crises," Center for Development Economics 2008-09, Department of Economics, Williams College.
  4. Honohan, Patrick & Klingebiel, Daniela, 2000. "Controlling the fiscal costs of banking crises," Policy Research Working Paper Series 2441, The World Bank.
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