As características da estrutura financeira brasileira e a trajetória de industrialização [Characteristics of the Brazilian financial structure and the industrialization trajectory]

Elson Rodrigo de Souza-Santos and Armando Dalla Costa
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Elson Rodrigo de Souza-Santos: USP
Armando Dalla Costa: UFPR

Nova Economia, 2014, vol. 24, issue 2, 243-264

Abstract: The objectives of this paper is to identify the main characteristics of the Brazilian financial structure. The theoretical approach used is historical-institutional with statistics about financial structure; legal transformation and Brazilian economic metamorphose. The conclusions indicate the highlight of public credit for long maturation to productive investment and consumption. On the other side, the self-financing remains high for retaining profits. In the decade of 2000, the international financial crisis (2007-…) strengthened the public credit and institutions for encouraging demand and help companies in difficulties. The Brazilian economic growth between 2007 and 2008 was identified in the increased participation of large companies in the capital markets and using financial products for investments. However, these enterprises remained for public credit but assumed high risk for speculation. Their operations of high risk were revealed by financial crisis.

Keywords: financial structure; industrialization; firms (search for similar items in EconPapers)
JEL-codes: G10 O16 O33 (search for similar items in EconPapers)
Date: 2014
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