Estrutura do sistema financeiro e modelos de financiamento: a experiência brasileira (1964/1997) e suas perspectivas

Abstract

The article deals with Brazilian experience of investment finance since middle 1960's, aiming, first, to identify the determinants of the “finance model” developed in the country during the last decades, based on public and external credit, apart the “capital market based system” idealized in the 1964-66 reforms. Second, this analysis serves to guide a discussion about perspectives of development of an alternative model in Brazil, led by. national private institutions. On the basis of the international experience, two alternatives are considered: a) expansion of the stock market, in order to make possible direct financing in large scale; b) formation of a private bank credit system, in complement or in substitution to the public and external credit. The analysis of the trends observed up to 1997 shows signs of persistence of the aspects that had always characterized the Brazilian financial system: the “short-termist” profile of national saving and hence of the difficulties in attract long run resourses Under these conditions, development of both the stock market and the bank credit models, nowadays, depends on financial policies designed to this end.