Public banks and recent anticyclical policies: A comparison of the experiences of Brazil and Chile

Ana Rosa Ribeiro de Mendonça and Brunno Henrique Sibin

Chapter 5 in Public Banks in the Age of Financialization, 2017, pp 83-98 from Edward Elgar Publishing

Abstract: The authors analyse the parallels between the crisis response of the Brazilian public bank Caixa Econômica Federal (Caixa) and its Chilean counterpart BancoEstado in their different political and economic environments. Both banks acted anticyclically, but encouraged by the strong pro-growth orientation of the Brazilian government and enabled by the institutionalized access to compulsory savings funds, Caixa continued the expansion of lending even after the crisis had been overcome. This procyclical behaviour is a sign that Caixa’s mandate went beyond the function of a stability anchor.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2017
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