Ensaios em microeconomia de regulação da indústria bancária
Fábio Martins Trajano de Arruda
DATA DE PUBLICAÇÃO
The development of modern financial systems shows the consolidation of the central position of financial intermediaries in the economy. The phenomenon of intermediation and its institutions, however, still lack a theoretical basis in economic science. In this sense, the experiences of bank regulation have much to develop in a context of improvement of academic doctrines. This work aims to contribute to the construction of foundations for the regulation of the banking industry from the perspective of microeconomic theory. The starting point of the studies presented here is the conformation of a microeconomic theory of banking firm. The paradigm of the inapplicability of financial intermediation in a market, resulting from the classical models of general equilibrium, is overcome by the development of new theories such as the economics of information, game theory and strategic behavior. From an empirical perspective, evidence of the economic viability of the banking firm in Brazil is carried out by means of an econometric model using panel data. In fact, the occurrence of financial intermediation does not preclude direct funding in the financial market. The study points towards an integration between the intermediaries and the market in the financing of the National Financial System. Based on these findings, about the economic viability of the banking firm, the study try to integrate the theory of financial intermediation with the traditional theories of industrial organization. Models of perfect competition, monopolies, oligopolies and monopolistic competition are examined and developed in order to justify regulatory decisions based on competitive concerns and the stability of financial systems. Concentration, competition, efficiency and welfare are the trails of the activity of regulation. Finally, special attention is devoted to the development of models of monopolistic competition because empirical results indicate that this would be the current structure of banking industry in many countries around the world, including Brazil.
organização industrial e regulação bancária economia microeconomia bancária industrial organization and banking regulation icroeconomics of banking