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Public banks and recent anticyclical policies: A comparison of the experiences of Brazil and Chile

In: Public Banks in the Age of Financialization

Author

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  • Ana Rosa Ribeiro de Mendonça
  • Brunno Henrique Sibin

Abstract

The authors analyse the parallels between the crisis response of the Brazilian public bank Caixa Econômica Federal (Caixa) and its Chilean counterpart BancoEstado in their different political and economic environments. Both banks acted anticyclically, but encouraged by the strong pro-growth orientation of the Brazilian government and enabled by the institutionalized access to compulsory savings funds, Caixa continued the expansion of lending even after the crisis had been overcome. This procyclical behaviour is a sign that Caixa’s mandate went beyond the function of a stability anchor.

Suggested Citation

  • Ana Rosa Ribeiro de Mendonça & Brunno Henrique Sibin, 2017. "Public banks and recent anticyclical policies: A comparison of the experiences of Brazil and Chile," Chapters, in: Christoph Scherrer (ed.), Public Banks in the Age of Financialization, chapter 5, pages 83-98, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17305_5
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