Bye, Bye Financial Repression, Hello Financial Deepening: The Anatomy of a Financial Boom
Since the conquest of hyperinflation, with the Real Plan, in 1994, the Brazilian financial system has grown from early infancy to late adolescence. We describe the process of maturing with emphasis on the defining features of the Brazilian financial system over the last 20 years: (1) stabilization and the subsequent financial crisis; (2) universality of banks; (3) market segmentation through public lending; (4) institutional improvement. Further paraphrasing Diaz-Alejandro (1985), we raise some hypotheses on why, this time, the financial boom has not (at least yet) turned into a financial crash.
The Quarterly Review of Economics and Finance V 52, P 135-153, 2012
João Manoel Pinho de Mello, Márcio Gomes Pinto Garcia ,
Destaques
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Rodrigo Reis Soares, Juliano Junqueira Assunção, Tomás Fonseca Goulart, A Note on Slavery and the Roots of Inequality , Journal of Comparative Economics, 2012
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Marcelo de Paiva Abreu, Felipe Tâmega Fernandes, Brazil: The resilience of the Brazilian Insurance Market, 2012
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Rodrigo Reis Soares, D. Krueger, M. Berthelon, Household choices of child labor and schooling: a simple model with application to Brazil , Journal of Human Resources, 2012
Textos para discussão
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João Manoel Pinho de Mello, Daniel Ricardo de Castro Cerqueira, Evaluating a National Anti-Firearm Law and Estimating the Causal Effect of Guns on Crime, 2013
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Márcio Gomes Pinto Garcia , Marcos Chamon, Capital controls in Brazil: Effective?, 2013
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Rodrigo Reis Soares, Leandro Siqueira Carvalho, Living on the Edge: Youth Entry, Career and Exit in Drug-Selling Gangs, 2013