Titlebook: Capital Markets in the Development Process; The Case of Brazil John H. Welch Book 1993 John H. Welch 1993 capital market.development.Econom

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Die Theorie monotoner Operatoren, import substitution industrialisation had ended, industrialisation was financed to a large extent through inflation. Domestic firms were protected by selective exchange controls and the ‘law of similars’ which allowed high tariff barriers to be erected on competing products.. In general, firms fina

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Nichtlineare Funktionalanalysisnts in different degrees over the last twenty years: (1) the institution of formal financial indexation to the inflation rate and the subsequent strengthening of the secondary market for ‘pre-fixed indexed’ assets — LTNs, certificates of deposits, bills of exchange, etc. — and ‘post-fixed indexed’ a

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Nichtlineare Funktionalanalysisdexed assets. As Table 5.1 shows, indexed financial assets came to dominate financial markets over the period 1964–85 increasing from 4.7% of non-indexed assets in 1965 to around two times the size of non-indexed assets in 1985.

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Nichtlineare Funktionalanalysistance of non-bank competition . commercial banks was dampened by the process of conglomeration because commercial banks are usually the central institution in a financial conglomerate. The typical financial conglomerate in Brazil is centred on a commercial bank; other members are an investment bank, a ‘financeira’, a broker and dealer.

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,The Development of Equities Markets: 1964–85, market (mercado de balcão), was seen as a barrier to the stronger capitalisation of domestic firms through stock issue. Further, the closed nature of firms and their reluctance to dilute control made the issue of common stock extremely rare, thus stunting the development of a primary issues market.