Brazil has actively pursued and achieved significant financial development since 1964. Tables I.1–I.3 confirm this proposition in a general way, showing that the ratio of financial institution assets to GNP rose from 0.53 in 1956 to 1.11 in 1976. Further, total non-monetary assets as a proportion of GDP increased from 0.2% in 1961 to 25% in 1984. Not only has the quantity of financial assets grown but so has the quality, as should become evident in this study.


Depression Income Posit Egypt Argentina 


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  1. 31.
    See Carlos A. P. Braga (1985): A Economia Brasileira na Segunda Metade dos Anos 80, Working Paper No. 18, University of São Paulo,among others.Google Scholar

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© John H. Welch 1993

Authors and Affiliations

  • John H. Welch
    • 1
  1. 1.Federal Reserve Bank of DallasUSA

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