Brazil's Financial Resilience

A new working paper from Ilan Goldfajn, Katherine Hennings and Helio Mori of the Brazilian Central Bank asks how Brazil has escaped more or less unscathed in recent financial crises. Few state banks and many foreign ones may be a factor they state.

Abstract:

Brazil has evolved a financial system with a smaller presence of public banks and larger participation of foreign banks, less directed credit, and well capitalized banks. Over the years it has been resilient to shocks and was able to

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