Since the beginning of the 1990s, Brazil has followed a pattern of economic development inspired by Washington Consensus. This framework includes a set of liberalising and market friendly policies such as privatisation, trade liberalization, stimulus to foreign direct investment, tax reform, and social security reforms. This book assesses the determinants and impacts of financial liberalisation in Brazil considering its two dimensions: the opening up of the balance of payments capital account, and the penetration by foreign bank of the domestic banking sector. The author combines theoretical and empirical analyses. Some make use of mathematical models and/or statistical techniques; however, they are only used when they are strictly necessary to the analysis.
List of figures
List of tables
Foreword
Acknowledgments
1 Introduction 1
PART I Capital account liberalization in Brazil: determinants and impacts 7
2 Costs and benefits of capital account liberalization for developing countries: theoretical and empirical evaluation 9
3 Financial liberalization and economic policy in Brazil in 1990-2009 23
4 Recent changes in capital controls and foreign exchange rules in Brazil 67
5 The debate on capital account convertibility and capital controls in Brazil 83
6 Financial liberalization, economic performance, and macroeconomic stability in Brazil: an empirical evaluation 97
PART II Foreign bank entry in the domestic banking sector: determinants and impacts 119
7 The internationalization of banks: evoluation, characteristics, and recent trends 121
8 Foreign bank entry in Latin America: determinants and strategies 135
9 Banking consolidation after the Real Plan: determinants and impacts 154
10 Foreign bank entry, mergers and acquisitions, and banking efficiency: an empirical assessment 175
PART III Conclusion 199
11 Summary and conclusions 201
Notes 204
Bibliography 218
(0 Comentarios)
