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.


Interest Rate Inflation Rate Commercial Bank Money Supply Real Interest Rate 
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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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