Estado e mercados financeiros nos países em desenvolvimento: a abordagem da nova economia institucional
Abstract
Este trabalho apresenta argumentos teóricos derivados da nova economia institucional com relação às intervenções diretas do Estado nos mercados financeiros dos países em desenvolvimento, através de instituições financeiras de desenvolvimento e programas de credito dirigido. As principais conclusões derivadas desta literatura são: (a) a ocorrência de racionamentos ineficientes nos mercados privados sugere a existência de um papel potencial para o Estado nos mercados financeiros desses países na redução dos efeitos dos problemas de informação; (b) intervenções do Estado, implementadas através de arranjos institucionais com características de organização interna, que contribuam para reduzir os custos de transação em relação aos mercados privados, apresentam maiores chances de serem bem sucedidas.
Palavras-chave: Mercados financeiros. Assimetrias de informação. Custos de transação. Desenvolvimento econômico.
Abstract
This paper shows theoretical arguments of the New Institutional Economics related to state interventions in the developing countries financial markets, through development banks and directed credit programs. The main conclusions are: (1) in the presence of inefficient rationing caused by information asymmetries in the private markets there is a potential role for the state in the financial markets, to reduce the effects of information problems; (2) state policies implemented through institutional arrangements similar to internal organizations which are able to reduce the transaction costs and improve capital allocation when compared to private financial markets, are more likely to succeed.
Key words: Financial markets. Information asymmetries. Transaction costs. Economic development.
JEL classification: G14 – Information and market efficiency. Event studies.
Downloads
Published
Issue
Section
License
COPYRIGHT
The submission of originals to Análise implies the transfer by the authors of the right for publication. Authors retain copyright and grant the journal right of first publication. If the authors wish to include the same data into another publication, they must cite Análise as the site of original publication.
CREATIVE COMMONS LICENSE
As this journal is open access, the articles are allowed free use in scientific and educational applications, with citation of the source.
According to the type of Creative Commons License (CC-BY 4.0) adopted by Análise, the user must respect the requirements below.
You are free to:
Share — copy and redistribute the material in any medium or format.
Adapt — remix, transform, and build upon the material for any purpose, even commercially.
However, only under the following terms:
Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests Análise endorses you or your use.
No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation.
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
For more details on the Creative Commons license, please follow the link in the footer of this website.
