REFLEXÕES SOBRE O FINANCIAMENTO NA ECONOMIA BRASILEIRA

Abstract

The purpose of this essay is to discuss some central characteristics of financing in the Brazilian economic history, from the colonial period through the present. We indicate the existence of five financing cycles, each corresponding to the prevalence of one set of institutions. These cycles are closely related to waves of international liquidity. The periods of easy external indebtedness are systematically followed by years of adjustment and recession, when it becomes necessary to create internal solutions - substitutes of the international money, financial innovations etc - to meet to the demand for financing. From our point of view, the financial liberalization, which subordinates the Brazilian economy to the mood of the foreign markets, is directly related to the instability and to the financial underdevelopment of our economy.