O mercado de ações no Brasil: determinantes da expansão recente

AUTOR(ES)
DATA DE PUBLICAÇÃO

2007

RESUMO

This paper analyzes the vigorous expansion of the stock market in Brazil in recent years. Along with a substantial increase in liquidity and the strong rise in value of shares traded, there has been a renewed trend for companies to go public and obtain funding for investment through IPOs, with a significant increase in foreign and institutional investors shares of the trades made on the São Paulo Stock Exchange (Bovespa). The relevance of this process poses the relations between financial development and economic growth, especially the growth in private sources of financing for corporate investment, which has characteristically been insufficient in Brazil s history of financial development. In addition to characterizing the process now underway, the paper points to its main determinants: in terms of macroeconomic factors, the strong inflow of funds improved Brazil s foreign currency reserves, control of inflation and lower interest rates; in terms of institutional factors, the improved stock market regulatory framework was reflected in the reform of laws governing the capital market and the work of the Brazilian Securities and Exchange Commission, with acceptance of corporate governance concepts for special listing segments on Bovespa as standards to be followed by issuers . This set of changes on several levels shows that there has been a turning point after which the stock market has started to play a key role in financing investment, and therefore in the economic development of Brazil. The consolidation of this process depends on preserving the advances obtained, continuously improving financial system institutions, and correcting any deficiencies identified

ASSUNTO(S)

oferta pública stock exchange sistema financeiro bolsa de valores -- brasil mercado de ações public offering financial system economia stock market

ACESSO AO ARTIGO

Documentos Relacionados