In 2011, the Brazilian government granted an income tax benefit to corporate bonds issued with the specific purpose of financing long-term infrastructure investments (Law 12.431/2011). The financial bonds favored by this policy have become known as "incentivized bonds". This paper describes the...

In 2011, the Brazilian government granted an income tax benefit to corporate bonds issued with the specific purpose of financing long-term infrastructure investments (Law 12.431/2011). The financial bonds favored by this policy have become known as "incentivized bonds". This paper describes the...

Portuguese Abstract: As “finanças descentralizadas", conhecidas também como DeFi tiveram um crescimento acelerado no mercado desde 2020, ganhando relevância e despertando o interesse de investidores. Esse crescimento, no entanto, aconteceu sem que todos os envolvidos tivessem...

Besides the introduction and the final conclusions, this Discussion Paper has four sections. The first presents the "state of art", that is, the current debate about the long-term financing of the neo-corporatist state capitalism in Brazil. Then it shows the personal and corporate wealth as...

The purpose of this paper is to present the dynamics of the credit market in Brazil between 2007 and 2015, through the analysis of selected data and indicators. The interregnum considered in this paper comprises a period of important changes in the credit market in Brazil. While the expansion of...

This brief essay discusses the balance sheet evolution of the banking system in Brazil in the recent period, between March 2007 and March 2014, as well as analyses methodological aspects of balance sheet data of the banks in Brazil. The study shows substantial changes in the banking system...

The aim of this article is to describe the new stage of development of the banking system whose dynamics led to the global financial crisis of 2008. The main feature of this stage, which emerged on the threshold of the 21st century, is the inextricable interpenetration between the balance sheets...

This paper presents an exploratory analysis of the institutional arrangement of the Fund of Investment of Guarantee of the Time of Service (FI-FGTS, in Portuguese) with the main objective of assessing the institutional configuration and the operational performance of FI-FGTS. This instrument was...