Investimentos estrangeiros nos sistemas financeiros latino-americanos: os casos da Argentina, do Brasil e do México

Abstract

Desde o retorno dos fluxos de capitais voluntários para a América Latina nos anos 1990 ocorreu a intensificação dos investimentos estrangeiros nos mercados financeiros locais, os quais assumiram, notadamente, as formas de fluxos de portfólio e de investimento direto mediante a aquisição de participação acionária nas instituições financeiras domésticas. Argentina, Brasil e México foram os três países que mais absorveram esses fluxos destinados à região. O objetivo deste artigo é analisar os efeitos desses investimentos sobre os sistemas financeiros domésticos desses três países latino-americanos, que, longe de serem homogêneos, se diferenciaram em função do grau de abertura financeira e da gestão macroeconômica.

Financial constraints for investment in Brazil

“…Brazil appears to have started a process of changes that may lead to more financial development with positive benefits to economic growth. Indeed, since the enactment of the Plan "Real," stock market capitalization and foreign investments have grown substantially (Studart, 2000;Rodrigues, 2000;Freitas and Prates, 2008). Studart (2000) suggests that Brazil shifted from a bank-oriented system that included a high level of state participation toward an economy with more active capital markets.…”

Firm Size Matters for Financial Constraints: Evidence from Brazil

“…As a whole, considering the structural and legal reforms that have taken place since the 1990s, Brazil appears to have started a process of changes that may lead to even more financial development with positive benefits to economic growth. Indeed, since the enactment of the Plan "Real" in the mid-1990s, stock market capitalization and foreign investments, for example, have already grown substantially (Freitas & Prates, 2008;Rodrigues, 2000;Studart, 2000). Studart (2000) suggests that there has been a change in the financial pattern of Brazilian firms as a consequence of the structural changes in the economy in the 1990s.…”

Financial Constraints for Innovation in Brazil

“…Indeed, there has already been, for example, an important growth of stock market capitalization and foreign investments in Brazil since the 1990s (Freitas and Prates, 2008;Rodrigues, 2000;Studart, 2000). Studart believes there has been a change in the financial pattern of the Brazilian firm, a consequence of the structural changes in the economy in the 1990s, with a stronger role of capital markets relative to the previous model strongly based on bank financing, and with major state participation, few large banks, and high economic instability.…”