Market discipline averted subprime chaos: Central Bank of Brazil paper

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Strong regulation and transparency in Brazil protected the financial system from the volatility experienced in some countries during the subprime mortgage crisis, a Central Bank of Brazil paper, published on Tuesday, says.

Helder Ferreira de Mendonça, Délio José Cordeiro Galvão and Renato Falci Villela Loures, the paper's authors, use a regulation and transparency index to examine the relationship between the level of regulation and transparency of financial institutions from 37 countries and

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