TRANSFORMAÇÃO ESTRUTURAL E AÇÃO ANTICÍCLICA: Aspectos teóricos da Intervenção Estatal sobre o Sistema Financeiro, experiências históricas e o caso brasileiro recente

It seeks to clarify the role played by Public Financial Institutions (IFPs) in relation to the financial system as well as its effects on effective and planned economic activity, taking into account the dynamics of functioning of a monetary economy, and particularly the challenges of structural transformation of a country seeking economic development, such as Brazil. Highlights the centrality of the State in the historical experiences of late industrialization and, more contemporary, the strategic role of preservation of IFPs - the Brazilian case - as key institutions in the fight against economic instability and sustaining economic activity. It is argued, based on the Brazilian and international experience aspects of public intervention in the credit and capital markets, in view of the characteristic behavior of private financial institutions and financial markets in times of macroeconomic stability and high uncertainty. It is recovered the discussion about the importance of earmarked credit and the most recent actions to promote the expansion of the Brazilian capital market, as well as discussions on possible reasons for the high cost of financing in Brazil. Moreover, it seeks to clarify how a country with financing capacity of almost 100% of GDP (2012) finds it difficult to finance current production and long-term investment.