What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?

Detalhes bibliográficos
Autor(a) principal: Freddo, Daniela
Data de Publicação: 2023
Outros Autores: Vargas, Juliano
Tipo de documento: Artigo
Idioma: por
Título da fonte: Nova Economia (Online)
Texto Completo: https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7076
Resumo: Based on the keynesian and cepalinian/furtadian theoretical framework, we investigate the institutional relations between the Brazilian colonial past and the development of its financial system until the 1960s. The underlying hypothesis is that there is a connection between a financial system deficient in providing investment funds and the economically peripheral Brazilian condition. This was subordinate to Portuguese European institutions, despite being immersed in the accumulation process of mercantile capitalism. This changed in the transition from the primary-export model to one geared to domestic demand. The industrialization process put pressure on a financial system unable to meet the growing demand for credit, which increased the need instruments and mechanisms for financing the investment. However, as the financial system developed, financial institutions profited not despite the “dysfunctionalities” imposed by the peripheral Brazilian economic condition, but through them. It is concluded that such institutional relations were the legacy of the colonial past left to the contemporary financial system. Keywords: Brazil; Colonial economy; peripheral economy, financial system, productive system. JEL Codes: F54, E44, N26. 
id UFMG-4_62f380fa32b977248fb5aab6d11716e0
oai_identifier_str oai:ojs.pkp.sfu.ca:article/7076
network_acronym_str UFMG-4
network_name_str Nova Economia (Online)
repository_id_str
spelling What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?Quais as relações institucionais entre o passado colonial da economia brasileira e o desenvolvimento do seu sistema financeiro?Based on the keynesian and cepalinian/furtadian theoretical framework, we investigate the institutional relations between the Brazilian colonial past and the development of its financial system until the 1960s. The underlying hypothesis is that there is a connection between a financial system deficient in providing investment funds and the economically peripheral Brazilian condition. This was subordinate to Portuguese European institutions, despite being immersed in the accumulation process of mercantile capitalism. This changed in the transition from the primary-export model to one geared to domestic demand. The industrialization process put pressure on a financial system unable to meet the growing demand for credit, which increased the need instruments and mechanisms for financing the investment. However, as the financial system developed, financial institutions profited not despite the “dysfunctionalities” imposed by the peripheral Brazilian economic condition, but through them. It is concluded that such institutional relations were the legacy of the colonial past left to the contemporary financial system. Keywords: Brazil; Colonial economy; peripheral economy, financial system, productive system. JEL Codes: F54, E44, N26. Amparados no referencial teórico keynesiano e cepalino/furtadiano, investigamos as relações institucionais entre o passado colonial brasileiro e o desenvolvimento do seu sistema financeiro até os anos de 1960. A hipótese subjacente é a de que existe conexão entre um sistema financeiro deficiente em prover fundos ao investimento e a condição brasileira economicamente periférica. Esta estava subordinada a instituições europeias portuguesas, apesar de imersa no processo de acumulação do capitalismo mercantil. Isso mudou na passagem do modelo primário-exportador ao orientado à demanda doméstica. O processo de industrialização pressionou um sistema financeiro inapto a atender à crescente demanda creditícia, ampliando a necessidade de instrumentos e mecanismos de financiamento do investimento. Todavia, conforme o sistema financeiro desenvolvia-se, as instituições financeiras lucravam, não apesar das “disfuncionalidades” impostas pela condição periférica econômica brasileira, mas por meio delas. Conclui-se que tais relações institucionais foram a herança do passado colonial deixada ao sistema financeiro contemporâneo. Palavras-chave: Brasil; economia colonial; economia periférica; sistema financeiro; sistema produtivo. Códigos JEL: F54, E44, N26.Departamento de Ciências Econômicas da UFMG2023-07-25info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7076Nova Economia; Vol. 33 No. 1 (2023): Revista Nova Economia; 235-261Nova Economia; v. 33 n. 1 (2023): Revista Nova Economia; 235-2611980-53810103-6351reponame:Nova Economia (Online)instname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGporhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7076/3981Copyright (c) 2023 Daniela Freddo, Juliano Vargashttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessFreddo, DanielaVargas, Juliano2023-12-27T01:34:31Zoai:ojs.pkp.sfu.ca:article/7076Revistahttps://revistas.face.ufmg.br/index.php/novaeconomiaPUBhttps://revistas.face.ufmg.br/index.php/novaeconomia/oai||ne@face.ufmg.br1980-53810103-6351opendoar:2023-12-27T01:34:31Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)false
dc.title.none.fl_str_mv What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?
Quais as relações institucionais entre o passado colonial da economia brasileira e o desenvolvimento do seu sistema financeiro?
title What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?
spellingShingle What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?
Freddo, Daniela
title_short What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?
title_full What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?
title_fullStr What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?
title_full_unstemmed What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?
title_sort What are the institutional relationships between the colonial past of the Brazilian economy and the development of its financial system?
author Freddo, Daniela
author_facet Freddo, Daniela
Vargas, Juliano
author_role author
author2 Vargas, Juliano
author2_role author
dc.contributor.author.fl_str_mv Freddo, Daniela
Vargas, Juliano
description Based on the keynesian and cepalinian/furtadian theoretical framework, we investigate the institutional relations between the Brazilian colonial past and the development of its financial system until the 1960s. The underlying hypothesis is that there is a connection between a financial system deficient in providing investment funds and the economically peripheral Brazilian condition. This was subordinate to Portuguese European institutions, despite being immersed in the accumulation process of mercantile capitalism. This changed in the transition from the primary-export model to one geared to domestic demand. The industrialization process put pressure on a financial system unable to meet the growing demand for credit, which increased the need instruments and mechanisms for financing the investment. However, as the financial system developed, financial institutions profited not despite the “dysfunctionalities” imposed by the peripheral Brazilian economic condition, but through them. It is concluded that such institutional relations were the legacy of the colonial past left to the contemporary financial system. Keywords: Brazil; Colonial economy; peripheral economy, financial system, productive system. JEL Codes: F54, E44, N26. 
publishDate 2023
dc.date.none.fl_str_mv 2023-07-25
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7076
url https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7076
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/7076/3981
dc.rights.driver.fl_str_mv Copyright (c) 2023 Daniela Freddo, Juliano Vargas
http://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2023 Daniela Freddo, Juliano Vargas
http://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Departamento de Ciências Econômicas da UFMG
publisher.none.fl_str_mv Departamento de Ciências Econômicas da UFMG
dc.source.none.fl_str_mv Nova Economia; Vol. 33 No. 1 (2023): Revista Nova Economia; 235-261
Nova Economia; v. 33 n. 1 (2023): Revista Nova Economia; 235-261
1980-5381
0103-6351
reponame:Nova Economia (Online)
instname:Universidade Federal de Minas Gerais (UFMG)
instacron:UFMG
instname_str Universidade Federal de Minas Gerais (UFMG)
instacron_str UFMG
institution UFMG
reponame_str Nova Economia (Online)
collection Nova Economia (Online)
repository.name.fl_str_mv Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)
repository.mail.fl_str_mv ||ne@face.ufmg.br
_version_ 1799711060433829888

Registros relacionados