Financial constraints on Brazilian firms are very high compared to advanced economies. In Brazil, 59% of firms have access to a bank loan or a credit line. In developed countries, the average percentage is 95%. Loan collateral requirements are much higher in Brazil (95% of the loan value) than...

Financial constraints on Brazilian firms are very high compared to advanced economies. In Brazil, 59% of firms have access to a bank loan or a credit line. In developed countries, the average percentage is 95%. Loan collateral requirements are much higher in Brazil (95% of the loan value) than...

The paper analyzes the development of the contemporary globalized financial system as a consequence of the innovations introduced by private markets, but mostly the strategy of the governments, particularly the US. This new global financial system, based on the floating dollar, generated many...

The credit increased expressive and continuously throughout the Lula government, even after the 2008 crisis. This study aims to analyze this process and its determinants. We identify two different periods. We concluded that changes in legislation as well as financial innovations, in a favorable...

This paper analyzes on a comparative basis the impact of the two major contemporary financial crises in Japan and in the United States. They were both the result of the burst of speculative bubbles that had allowed the high increase in the value of real estate and equity. The abrupt reversal of...

This paper deals with the financial wealth. It shows, firstly, how it was inserted into the Systems of National Accounts recommended by multilateral institutions, and, in particular, how it is treated by the most recent version of the system (2008). After that, it discusses the evolution and the...

This study aims to show that during the cycle of credit expansion occurred in the Brazilian economy between 2003 and 2010, public banks had acted with a degree of liquidity preference higher than that of private banks until the international financial crisis. The need to achieve economic and...

This paper analyzes the Brazilian growth pattern during the post-liberalization period, emphasizing the structural links between finance and productive capital accumulation. The results indicate a finance-led growth regime in the period 2004-2008, under a very specific financialization process....

More than eleven years after the end of hyperinflation in Brazil, domestic bond markets have been unable to lengthen the average maturity of both public and private bonds. This paper shows that the lengthening is theoretically and practically (we analyzed the experiences of Israel, Mexico and...