Uma nova perspectiva sobre desregulação financeira, concorrência e estabilidade

Abstract

Financial deregulation is not only the reduction of rules, but more and foremost the substitution of rules that curb competition by
new ones that focuses on solvability, liquidity and incentives for market agents. These trends in regulatory policy could be traced back to the 70's, and result in a more fragmented market, with specialized, agile and stable financial firms. This is the opposite of what one can see in Brazil today. In order to present these arguments, this research piece starts with a narrative of the regulation
and modernization in the financial sector, with emphasis on such phenomena as disintermediation, unpacking of financial tasks, growing specialization of agents and fierce niche competition. It also examines the effects of regulation and competition over financial stability.