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Doctoral Thesis
DOI
https://doi.org/10.11606/T.8.2006.tde-19072007-105106
Document
Author
Full name
Moisés da Silva Marques
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2006
Supervisor
Committee
Sola, Lourdes (President)
Durand, Maria Rita Garcia Loureiro
Kugelmas, Eduardo
Moura, Alkimar Ribeiro
Sallum Junior, Brasilio Joao
Title in Portuguese
Reformas financeiras liberalizantes em democracias emergentes de mercado - o caso do Brasil
Keywords in Portuguese
Banco Central
Conjunturas críticas
Democracias emergentes de mercado
Democratização
Organizações financeiras internacionais
Path dependence
Redes de proteção financeiras
Reformas financeiras
Abstract in Portuguese
Este trabalho busca revisitar as teorias existentes sobre reformas econômicas e democratização, em especial no que concerne às reformas financeiras liberalizantes. De acordo com o saber convencional, normalmente essas reformas afetam de modo negativo as democracias, colocando em perigo a construção de boas instituições para a sua consolidação. Ao analisar de forma mais detida a relação entre as reformas financeiras levadas a cabo pelo Banco Central do Brasil, a partir de uma conjuntura crítica ocorrida no início de 1999, e a padronização de instituições para o incremento da Supervisão Bancária, oriunda do BIS ? Banco para Compensações Internacionais, resolvemos questionar a validade universal dessa literatura ao argumentar que a construção de redes de proteção para o sistema financeiro brasileiro, num contexto de crise e oportunidades, foi possibilitado por uma maior cooperação entre esse organismo financeiro internacional e a autoridade monetária local. A contrapartida para o reforço de autoridade do Banco Central e a conseqüente implementação de instituições para a reforma financeira, no Brasil, foi um aumento da transparência das ações da autoridade monetária, concomitante a uma melhoria em seu processo de prestação de contas e responsabilização pública. A reconstrução das trajetórias que levaram a essa convergência entre um organismo internacional e uma autoridade local, numa democracia emergente de mercado, parece ser a chave para o entendimento das peculiaridades que redundaram nas falhas dos modelos unificadores de institucionalização, como aqueles preconizados pelo Consenso de Washington e adotados por outras organizações financeiras, por exemplo, o Fundo Monetário Internacional (FMI)
Title in English
Liberal financial reforms im emerging market democracy: the Brazil´s case - the institutional building of safety nets for the Brazilian financial system from the cooperative game between an international organization (BIS) and the local monetary authority (BACEN)
Keywords in English
Central Bank
Critical junctures
Democratization
Emerging market democracies
Financial reforms
Financial safety nets
International financial organizations
Path dependence
Abstract in English
This thesis aims to review the well-established theories of economic reforms and democratization. The object will focus especially on the so called "liberal financial reforms". According to conventional wisdom, these reforms normally affect democracies deeply and jeopardize the building of sound institutions towards their consolidation. We decided to debate the universal validity of this conventional literature using the argument that the institutional building of safety nets for the Brazilian financial system - in a context of crisis and opportunities - was possible as a result of the cooperative game between an international financial organization (BIS) and the local monetary authority (BACEN). We will do that by analyzing the relation between these financial reforms led by Brazilian Central Bank more accurately, arising from a critical juncture occurred at the beginning of 1999, and the standardization of institutions for the improvement of banking supervision originated from BIS -Bank for International Settlements. The counterbalance to the reinforcement of central bank authority and the consequent implementation of institutions for the financial reform in Brazil was the increased monetary authority acts transparency and the simultaneous improvement of its mechanisms of political accountability. The study of path sequence that led to the convergence of the intentions of an international organization and a local political authority, in a emerging market democracy, seems to be the key to the comprehension of the peculiarities that resulted in the failure of the remedies that recommended a "single model" for the success of these reforms in new democracies, like the ones prescribed by the Washington Consensus, which were adopted by several organizations, including the International Monetary Fund - IMF
 
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Publishing Date
2007-08-14
 
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