Inovação tecnológica e a funcionalidade do sistema financeiro: uma análise de balanço patrimonial dos bancos no Brasil

Abstract

The main objective of this thesis is to analyze the effects of information and communication technology (ICT) on the functionality of the financial system based on the Post Keynesian approach. The functionality of the banking system was studied from the circuit Finance-Investment-Savings -Funding (worked out by Keynes), was incorporated changes resulting from the development banks. In the sixth and seventh stages of development banking, information and communication technology has enabled a rapid growth of financial innovations that eased transactions between the accounts of assets and liabilities. This flexibility in the composition of the balance sheet increased financial instability, since it allowed performing operations more complex and interconnected, resulting in return, the greater difficulty of imposing regulation, expansion of speculative transactions and amplification of the effects of crisis liquidity (instability). In Brazil, the changes in the balance sheet and strategies of the banking sector were analyzed from 1995 to 2011. It was noted a significant increase in the proportion of securities and derivative instruments in the composition of the balance sheet to satisfy the preference for liquidity in period of low growth and high interest rates. Since 2003, economic growth has strengthened the confidence level of banks on income from assets expanding, thus the volume of credit by the enhancement of profitability at the expense of liquidity. The credit policy of the Brazilian government in combating the effects of international financial crisis of 2008 also contributed to increased share of loans on the balance sheet. Despite this growth in credit, the Brazilian banking system still can not be considered functional to economic development, thesis that was reinforced by the empirical part of this work.