Brazil: an economy caught in a financial trap (1993-2003)

Bibiana Medialdea ()

Brazilian Journal of Political Economy, 2013, vol. 33, issue 3, 427-445

Abstract: In the early 1990s, Brazil entered a financialized economic dynamic in which short-term financial valorization generated by the issuing of guaranteed public debt overshadowed the entire economy. This article analyzes Brazilian economic processes between 1993 and 2003, in particular the bi-directional relationship with external vulnerability, erratic international financing behavior and how State actions to obtain and maintain these resources fostered financialization. As a result, the entire economy became enmeshed in a self-perpetuating trap in which financial activity was predominant over economic activity. JEL Classification: O11; O16.

Keywords: Financialization; financial rent-seeking; public debt; external dependence; financial vulnerability (search for similar items in EconPapers)
Date: 2013
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