Bye, Bye Financial Repression, Hello Financial Deepening: The Anatomy of a Financial Boom

Joao De Mello and Marcio Garcia

No 594, Textos para discussão from Department of Economics PUC-Rio (Brazil)

Abstract: 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 Díaz Alejandro (1984), we raise some hypotheses on why, this time, the financial boom has not (at least yet) turned into a financial crash.

Keywords: Financial repression; financial deepening; stabilization; stability; financial crisis; stability. Jel Codes: G21; G28; G32 (search for similar items in EconPapers)
Pages: 46p
Date: 2011-10
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Journal Article: Bye, bye financial repression, hello financial deepening: The anatomy of a financial boom (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:rio:texdis:594

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