Capital markets in the development process
Subtitle: the case of Brazil
By: John H. Welch.
Series: Pitt Latin American series
Publisher: University of Pittsburgh Press
Published: 1993
Place of publication: [Pittsburgh, Pa.]
Language: eng
Number of pages: 231
Subjects: Capital market -- Brazil.; Finance -- Brazil.
Description: Since 1964, Brazilian policy-makers have actively promoted financial market growth through a combination of more traditional interest rate liberalization schemes (indexing) and the creation of institutions which did not exist or restructuring those which did not function in an efficient way. This book traces the evolution of the Brazilian capital markets before and after the 1964-66 reforms and evaluates their role in economic growth and stability. The main conclusion of the study is that Brazil's experience with financial market development was a qualified success. Although the resulting strong financial market helped Brazil avoid the large capital flight experienced by its neighbors in the Southern Cone, the working relationships which developed over this period have become significant barriers to the achievement of economic growth and stability.
Notes: Includes bibliographical references (p. 212-222) and index.