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Brazil: an economy caught in a financial trap (1993-2003)

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  • Bibiana Medialdea

Abstract

In the early 1990s, Brazil entered a financialized economic dynamic in which short-term financial valorization generated by the issuing of guaranteed public debt overshadowed the entire economy. This article analyzes Brazilian economic processes between 1993 and 2003, in particular the bi-directional relationship with external vulnerability, erratic international financing behavior and how State actions to obtain and maintain these resources fostered financialization. As a result, the entire economy became enmeshed in a self-perpetuating trap in which financial activity was predominant over economic activity. JEL Classification: O11; O16.

Suggested Citation

  • Bibiana Medialdea, 2013. "Brazil: an economy caught in a financial trap (1993-2003)," Brazilian Journal of Political Economy, Center of Political Economy, vol. 33(3), pages 427-445.
    • Handle: RePEc:ekm:repojs:v:33:y:2013:i:3:p:427-445:id:321
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    More about this item

    Keywords

    Financialization; financial rent-seeking; public debt; external dependence; financial vulnerability;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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