Restructuring Brazil's National Financial System

IRIBA Working Paper: 06

46 Pages Posted: 19 Oct 2014 Last revised: 27 Nov 2014

See all articles by Ernani Torres Filho

Ernani Torres Filho

Instituto de Economia

Luiz Macahyba

Universidade Federal do Rio de Janeiro (UFRJ)

Rodrigo M. Zeidan

NYU Shanghai

Date Written: August 7, 2014

Abstract

This work focuses the recent development of the Brazilian Financial System and its institutions. It initially presents an overview of the credit market in the post-Real Plan period. After stabilization, financial institutions had to be completely reformed. A very conservative and successful regulatory framework was created to avoid the permanent instability of the past. The paper also analyses the impact of the rapid credit growth after 2004 and the role of state-owned banks to compensate the impact of the international crisis of 2008. It is important to note that the process of formulation and implementation of the financial market reforms was not the result of a previous strategic planning, but a response based on the past experience of the internal and external crises and the political opportunities, which were created after 1994.

Keywords: Financial System, Brazilian Economy, National Development Bank

JEL Classification: O16, O43

Suggested Citation

Torres Filho, Ernani and Macahyba, Luiz and Zeidan, Rodrigo M., Restructuring Brazil's National Financial System (August 7, 2014). IRIBA Working Paper: 06. Available at SSRN: https://ssrn.com/abstract=2511257 or http://dx.doi.org/10.2139/ssrn.2511257

Ernani Torres Filho (Contact Author)

Instituto de Economia ( email )

Av. Pasteur, 250
Terreo - Urca
Rio de Janeiro, Rio de Janeiro 22290-902
Brazil

Luiz Macahyba

Universidade Federal do Rio de Janeiro (UFRJ) ( email )

Av; Pasteur, 250
terreo - Bairro Maracana
Rio de Janeiro, Rio de Janeiro 23890000
Brazil

Rodrigo M. Zeidan

NYU Shanghai ( email )

1555 Century Ave
Shanghai, Shanghai 200122
China

HOME PAGE: http://rzeidan.com

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