Banking and financial deepening in Brazil

Abstract

The initiative of Professors Lees and Cysne, and of James Botts, to write a book on the Brazilian financial system is commendable. The topic is of utmost importance. Over the past 25 years Brazilian legislators and monetary authorities have had to cope with high and volatile rates of inflation. In their efforts these authorities have created one of the most complex financial systems of the western world, one possessing a highly sophisticated network of financial intermediaries.