Armando Dalla Costa

Indústria bancária brasileira: evidência da formação de instituições financeiras multinacionais

The present paper discusses the process of internationalization and the emergence of Brazilian multinational banks. For this matter we discuss whether the banking industry has created prosperous conditions to financial conglomerates develop, identifies the leading institutions in the country, and describe the first steps taken towards internationalization. The paper also discusses the incentives and inhibitors to the international expansion of Brazilian banks. The results indicate that Bank of Brazil, Itau/Unibanco and Bradesco are leaders. Incentive factors are the institutional robustness, the economic restructuring that took place in the 1990s and gave strength to national banks, and the momentum of Brazils economy due to a stronger domestic market. Inhibitors are the threats posed by the uncertainty and the instability due to the financial crisis of 2008, with an unpredictable unfolding.

As características da estrutura financeira brasileira e a trajetória de industrialização

The objectives of this paper is to identify the main characteristics of the Brazilian financial structure. The theoretical approach used is historical-institutional with statistics about financial structure; legal transformation and Brazilian economic metamorphose. The conclusions indicate the highlight of public credit for long maturation to productive investment and consumption. On the other side, the self-financing remains high for retaining profits. In the decade of 2000, the international financial crisis (2007-...) strengthened the public credit and institutions for encouraging demand and help companies in difficulties. The Brazilian economic growth between 2007 and 2008 was identified in the increased participation of large companies in the capital markets and using financial products for investments. However, these enterprises remained for public credit but assumed high risk for speculation. Their operations of high risk were revealed by financial crisis.