Advertisement

Brazil

  • M. Lossani
  • L. Ruggerone
  • M. Zaninelli
Chapter
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)

Abstract

After the lost decade of the 1980s the Brazilian economy seemed to be trapped into a vicious circle, made of severe domestic macroeconomic imbalances and high-frequency external shocks. In 1994 the adoption of the Real Plan signed the end of a relatively long period of very high and unstable inflation due to undisciplined fiscal and monetary policies. At the beginning of the new millennium, Brazil is rightly considered an economic system very different from the one existing in the early 1980s. The reduction of several (external and domestic) sources of vulnerabilities has been associated with a substantial improvement of fiscal and monetary policy management and the resumption of economic growth.

Keywords

Interest Rate Monetary Policy Banking System Public Debt Credit Union 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Adrogué, R., Cerisola M. and Gelos, G. (2006) ‘Brazil’s Long Term Growth Performance — Trying to Explain the Puzzle’, IMF WP/06/282.Google Scholar
  2. Afanasieff, TS., Villa Lhacer, P.M. and Nakane, M.I. (2002) ‘The Determinants of Bank Interest Spread in Brazil’, Banco Central do Brasil, Working Paper series no. 46.Google Scholar
  3. Arida, P., Bacha, E. and Lara-Resende, A. (2005) ‘Credit, Interest and Jurisdictional Uncertainty: Conjectures for the Case of Brazil’, in Goldfajn I. and Giavazzi R (eds), Inflation Targeting, Debt and the Brazilian Experience: 1999–2003 (Cambridge, Mass: The MIT Press).Google Scholar
  4. Bacha, E., Holland, M. and Goncalves, R (2007) ‘Is Brazil Different?: Risk, Dollarization, And Interest In Emerging Markets’, IMF W.P.07/294.Google Scholar
  5. Banco Central do Brasil (2005) ‘Inflation Report’, December.Google Scholar
  6. Banco Central do Brasil (2007a) ‘Financial Stability Report’, May.Google Scholar
  7. Banco Central do Brasil (2007b) ‘Minutes of the 130th Meeting of the Monetary Committee’, Copom.Google Scholar
  8. BIS (2006) ‘The Banking System in Emerging Economies: How Much Progress Has Been Made?’ BIS Paper No. 28.Google Scholar
  9. BIS (2007) ‘Evolving Banking System in Latin America and the Caribbean: Challenges and Implications for Monetary Policy and Financial Stability’, BIS Paper No. 33.Google Scholar
  10. BIS (2008) ‘New Financing Trends in Latin America: A Bumpy Road Towards Stability’, BIS Paper No. 36.Google Scholar
  11. Belaisch, A. (2003) ‘Do Brazilian Banks Compete?’, IMF Working Paper No. 03/113.Google Scholar
  12. Blanchard, O. (2004) ‘Fiscal Dominance and Inflation Targeting: Lessons from Brazil’, NBER Working Paper 103891, at http://www.nber.org/papers/wl0389CrossRefGoogle Scholar
  13. Cardoso, E. (2002) Implicit and Explicit Taxation of Financial Intermediaries in Brazil: The Effect of Reserve Requirements on Bank Spreads (Washington, DC: Georgetown University).Google Scholar
  14. Cardoso, E. and Helwege, A. (1999) ‘Currency Crises in the 1990s: The Case of Brazil’, mimeo.Google Scholar
  15. Centro de Politicas Sociais (2006) ‘Poverty, Inequality and Stability: The Second Real’, mimeo, at http://www.fgv.br/cps/pesquisas/site_ret_eng/Google Scholar
  16. De Carvalho Filho, L, and Chamon, M. (2006) ‘The Myth of Post Reform Income Stagnation in Brazil’, IMF WP/06/275.Google Scholar
  17. De Paiva Abreu, M. and Werneck, R. (2005) ‘The Brazilian Economy from Cardoso to Lula: an Interim View’, Texto Para Discussao No. 504, Departamento de Economia, PUC-Rio de Janeiro.Google Scholar
  18. Economist Intelligence Unit (2008) ‘Brazil’, Country Risk Service, March.Google Scholar
  19. Eichengreen, B., Hausmann, R. and Panizza, U. (2004) ‘The Mistery of Original Sin’, in Eichengreen B. and Hausmann R. (eds), Other People’s Money: Debt Denomination and Financial Instability in Emerging Market Economics (University of Chicago Press).Google Scholar
  20. Favero, C. and Giavazzi, F. (2004) ‘Inflation Targeting and Debt: Lesson from Brazil’, NBER Working Paper 10390, at http://www.nber.org/papers/wl0390CrossRefGoogle Scholar
  21. Fitch (2007) ‘Federative Republic of Brazil’, International Credit Analysis, February.Google Scholar
  22. Goldfajn, I., Hennings, K. and Mori, H. (2003) ‘Brazil’s Financial System: Resilience to Shocks, No Currency Substitution, But Struggling to Promote Growth’, Banco Central do Brasil, Working Paper series No. 75.Google Scholar
  23. Goldman Sachs (2003) ‘Dreaming with BRICs: The Path to 2050’, Global Economics Paper No.99, at https://www.gs.com Google Scholar
  24. Gruben, W. and Welch, J. (2001) ‘Banking and Currency Crisis Recovery: Brazil’s Turnaround of 1999’, Federal Reserve Bank of Dallas, Economic and Financial Review. Google Scholar
  25. IIF (2007a) ‘Special Briefing — Brazil’, 6 February.Google Scholar
  26. IIF (2007b) ‘Summary Appraisal — Brazil’, 24 May.Google Scholar
  27. IMF (2007) ‘Regional Economic Outlook — Western Hemisphere’, World Economic and Financial Surveys, April.Google Scholar
  28. IMF (2008) ‘Global Financial Stability Report’, April.Google Scholar
  29. Nakane, M. and Weintraub, D.B. (2005) ‘Bank Privatization and Productivity: Evidence for Brazil’, Journal of Banking & Finance. Google Scholar
  30. Pinheiro, A. and Cabral, C. (1999) ‘Credit Markets in Brazil: The Role of Judicial enforcement and Other Institutions’, Inter-American Development Bank, Working Paper R-368.Google Scholar
  31. Pinheiro, A., Gill, I., Serven, L. and Thomas, M. (2004) ‘Brazilian Economic Growth, 1900–2000: Lessons and Policy Implications’, Inter-American Development Bank, Economic and Social Study Series RE1–04-011.Google Scholar
  32. Rudebusch, G.D. and Svensson, L. (1998) ‘Policy Rule for Inflation Tageting’, paper prepared for the NBER Conference on Monetary Policy Rules, 16–17 January.CrossRefGoogle Scholar
  33. Soares Sales, A. and Tannuri-Painto, M.E. (2007) ‘Explaining Bank Failures in Brazil: Micro, Macro and Contagion Effects (1994–1998)’ Banco Central do Brasil, Working Paper series No. 147.Google Scholar
  34. Tabak, B.M., Solange, M.G., Lima, E.J.A. and Chang, E.J. (2007) ‘The Stability-Concentration Relationship in the Brazilian Banking System’ Banco Central do Brasil, Working Paper series No. 145.Google Scholar
  35. Takarni, M.Y. and Tabak, B.M. (2007), ‘Evaluation of Default Risk for the Brazilian Banking Sector’, Banco Central do Brasil, Working Paper Series No. 145.Google Scholar
  36. Tombini, A.A. and Lago Alves, S.A. (2006) ‘The Recent Brazilian Disinflation Process and Costs’, Banco Central do Brasil, Working Paper Series No.109.Google Scholar
  37. World Bank (2006a) ‘Brazil: Interest Rates and Intermediation Spreads’, Brazil Country Management Unit, Report No. 36628-BR.Google Scholar
  38. World Bank (2006b) ‘Financing Growth’, at http://www.flnancial-indicators.org/resources/financing-growth.pdfGoogle Scholar

Copyright information

© M. Lossani, L. Ruggerone and M. Zaninelli 2009

Authors and Affiliations

  • M. Lossani
  • L. Ruggerone
  • M. Zaninelli

There are no affiliations available

Personalised recommendations