By John H. Welch
Since 1964, Brazilian coverage makers have actively promoted monetary marketplace progress. This publication strains the evolution of the Brazilian capital markets earlier than and after the 1964-1966 reforms and evaluates their position in financial development and stability.
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Extra resources for Capital Markets in the Development Process: The Case of Brazil
The agent does not mind paying higher interest Financial Growth and Economic Development 25 rates (in an opportunity cost sense), because the increase in the return on his investment more than compensates the increase in interest rates. 30 This complementarity between money and capital may be reflected in the demand for money in the following way. 6) For McKinnon (1973), raising the deposit rate is beneficial to economic growth, which is equivalent to Shaw's (1973) conclusion. The quality of the capital stock improves and, since saving increases, investment demand increases.
The recent experiences of Argentina and Chile with respect to full financial market liberalisation suggest that there is a strong possibility of a decrease in the stability of the financial system owing to liberalisation. Regulatory improvements and convergence should be clearly articulated when capital market liberalization is undertaken. 6 A RECONSIDERATION OF THE THEORY OF THE FINANCIAL ASPECTS OF ECONOMIC DEVELOPMENT Implicit in much of the theoretical discussion presented above is the proposition that with a larger financial and capital market, the quality of investment will improve as a more decentralised system would be able to evaluate projects more efficiently.
If the government uses the inflation tax to finance chronic deficits, one would want to control capital outflows to prevent erosion of the inflation tax base (the monetary base) and the consequent fiscal distress and acceleration of inflation. Further, inflation tax 'receipts' increase with the spread Financial Growth and Economic Development 39 between deposit rates and loan rates owing to required reserves. To the extent that inflows of foreign funds reduce this spread, inflation tax revenue will fall.
Capital Markets in the Development Process: The Case of Brazil by John H. Welch