Financial Regulation (Carvalho & Souza)

Brazil in the 2000’s: Financial regulation and macroeconomic stability by Fernando J. Cardim de Carvalho and Francisco E. P. de Souza, published by ITF (03/2011). Paraphrasing Keynes, the implications of the analysis proposed in this paper are partly optimistic, partly less optimistic (not to say pessimistic). The economy seems to have found a new growth path, if at lower levels than in the past or compared to other emerging economies. In addition, it is most important to add, although it was not a subject of this paper, that growth recovery was achieved in parallel with an effort to address long and deeply rooted problems of Brazilian society, large-scale extreme poverty and high income concentration.