Financial Liberalization and Economic Performance
Brazil at the Crossroads
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.
Table of Contents
Forreward 1. Introduction Part I 2. Costs and Benefits of Capital Account Liberalization for Developing Countries: Theoretical and Empirical Evaluation 3. Financial Liberalization and Economic Policy in Brazil in 1990-2009 4. Recent Changes in Capital Controls and Foreign Exchange Rules in Brazil 5. The Debate on Capital Account Convertibility and Capital Controls in Brazil 6. Financial Liberalization, Economic Performane and Macroeconomic Stability in Brazil: an Empirical Evaluation 7. The Internationalization of Banks: Evolution, Characteristics and Recent Trends 8. Foreign Banks Entry in Latin America: Dterminants and Strategies 9. Banking Consolidation after the Real Plan : Determinants and Impacts 10. Foreign Bank Entry, Mergers and Acquisitions and Banking Efficiency: an Empirical Assessment Part III 11. Summary and Conclusion
Luiz Fernando de Paula is Associate Professor of Economics of the University of the State of Rio de Janeiro, Brazil.