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

CLEAR

The Indexation of Financial Assets,dexed 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.

Protein

Commercial Banks, Investment Banks, Conglomeration, and the Financial Structure of Firms,tance 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.

Absenteeism

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,Development with Inflationary Finance: 1945–63, 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

Atmosphere

,The Reforms of 1964–5,structure which would allow the implementation of selective credit policy, and (3) establish institutions that would facilitate inflation stabilisation. In many instances, these objectives were not mutually compatible. For example, creating strong primary and secondary markets for equities is diffic

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,The Development of Equities Markets: 1964–85,ms and the initial attempts at reform were outlined in Chapters 2 and 3. The economic crisis of 1963–4 saw firms become extremely illiquid. Policy makers felt that firms relied too heavily on (marginal) borrowing to finance any increase in productive activity. The fact that firms valued assets on a

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