Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/176077 
Year of Publication: 
2011
Series/Report no.: 
Texto para discussão No. 594
Publisher: 
Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia, Rio de Janeiro
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.
Subjects: 
Financial repression
financial deepening
stabilization
stability
financial crisis
stability. Jel Codes: G21
G28
G32
JEL: 
G21
G28
G32
Document Type: 
Working Paper

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