Summary and Concluding Remarks: Towards a New Financial Reform in Brazil

John H. Welch
Additional contact information
John H. Welch: Federal Reserve Bank of Dallas

Chapter 7 in Capital Markets in the Development Process, 1993, pp 181-184 from Palgrave Macmillan

Abstract: Abstract The objective of this study has been to provide a systematic analysis of the post-war Brazilian experience with financial and capital market development. The introduction motivates the study and outlines a macroeconomic chronology which serves as a backdrop throughout. Chapter 1 reviews a number of different theories concerning the importance of financial development and different policy prescriptions to attain this goal. Chapter 2 looks at the pre-reform financial system during the heyday of import substitution industrialisation (ISI) from 1945 to 1964. The same chapter argues that the lack of functioning financial and capital markets contributed to the exhaustion of ISI policies. It also pinpoints the areas where market and institutional failures led to serious problems in the intermediation process. Chapter 3 analyses the original objectives to the reformers in 1964–7, the structure of financial markets which resulted from the reforms, and the structure of the decision process of financial policy. The remaining chapters of the study investigate the longer-term ramifications of the reforms. Chapter 4 shows that the objectives of creating vigorous markets for equities took much longer than expected and had limited success. Chapter 5 analyses the implications of creating inflation-indexed debt instruments. Finally, Chapter 6 examines the changing balance sheet structure of Brazilian firms and financial institutions in addition to gauging the efficiency of the intermediation process in Brazil.

Keywords: Capital Market; Financial Institution; Financial Development; Capital Flight; Monetary Expansion (search for similar items in EconPapers)
Date: 1993
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11211-1_8

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349112111

DOI: 10.1007/978-1-349-11211-1_8

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().