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1995–2009, 42–3, 42–3f2.9–10 Banco Brasileiro e Portuguez, 112
Banco do Brazil and, 75, 76, 87 Banco Commerical de Rio de Janeiro
Allen, F., and A. Gale (BCRJ), 65
government banks and markets theory, Banco da República, 68–70
17–18 Banco do Brasil (first), 60, 61–5
government banks or markets theory, insolvency, 63–5
16–17 Banco do Brasil (second), 60–8
Almeida, José F., 132 Banco do Brasil (present), 5, 7, 59–100
alternative energy development, BNDE and, and PT coalition, 89–90, 97
154 as national bank, 1889–1930, 68–73
Amazonia Integration Programme, 159 balance sheet summaries, 2002–8, 91–3,
Aranha, Oswald, 74, 79 92t3.1
assets over equity ratios, Caixa, 135 comparison Itaú and Bradesco, 94t3.2
ATM citizenship cards, 3, 4, 11 reorganized, 1942, 75–6
expansion, 49, 50 shares, market valuation, 96f3.1–2, 97
Caixa and, 103, 138 Banco Econômico, failure, 30–1
family grants, 24–5 Banco Nacional
Austria, savings banks development, 105 Banco do Brasil, 1893 merger, 68
authoritarian regimes, transitions from, 25 failure, 30–1
Banco Popular do Brasil, Banco do Brazil
bad credit, 7, 8–9, 9f1.1, 52–6 and, 91
credit, agriculture loans, 43f2.10 Banespa (São Paulo state bank), 7
business loans, 45f2.12 privatization, 159
consumer loans, 47, 47f2.14 bank accounts, popular
Finance Ministry asset management and, increase, 23–4
34 simplified, 50
home loans, 41f2.8 Bank Mobilisation Fund, 1930s, 73, 74
late loans/ provisions comparison, 54t2.1 Bank of England, origin, 61
– 219 –
220 Federal Banking in Brazil
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Banque du France, origin, 61 Brazilian System of Savings and Loans
Barbosa, Rui, 68–9 (SBPE), 126–7
Barreto, Humberto, 124 Bresser-Pereira, Luiz Carlos, on developmen-
Basel Accord talism, 19
guidelines, Banco do Brazil and, 90 Bretton Woods system, 77, 148
reserve requirement, 22t1.4n budget policies, national development plan,
Basel Indexes, 7 BNDES and, 159
bad loans, 52–3 Bulhoes, Otávio de, 70, 79, 122
Caixa, 135 Business Finance (Finem) Programme,
minimum capitalization, Caixa, 133 BNDES, 162–3
requirements, 52–3 businesses, non-financial, loans, 1995–2009,
value-at-risk, 56 44–5, 44–5f2.11–12
Basic Inputs (Fibase), 154
Bearle, Adolf, 178 Caixa de Conversão, 70–1
Belgium, savings banks development, 105 Caixa Econômica e Monte de Socorro, 102,
Bernardes administration, 71 110–11
Berzioni, Ricardo, 89 Caixa Econômica Federal, 5, 7, 101–44
Bisol, José Paulo, 87 created, 1970, 123
BNDE see National Bank for Economic ATM citizenship cards, 24–5, 103
Development (BNDE) concession lottery shops, 49
BNDE-ECLA working group, 149 corporate governance modernization,
BNDES see National Bank for Economic 131–2
and Social Development (BNDES) ‘IMF-like’ conditional loans, 1, 103, 129,
BNDES-Exim, 158 133
BNDESpar, capital markets investment, 164 simplified bank accounts, 50
bonds, indexed, as alternative contracts cur- Caixa Superior Council, 122, 143
rency, 84 Caixas, 1861–89, 110–15
Booz Allen-Hamilton, reform alternatives balances, 114t4.3
report, 33–4 centralization, 122–4
Index 221
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162–3 2008 financial crisis, 146
federal banks and, 23
capitalization
Lula administration, 35
Caixa, 2001–8, 133–8
Coutinho, Luciano, 160, 165
PROEF and, 33–4
credit/ finance
Caravelli, on US/UK banks consolidation, 47
counter-cyclical, 1, 50–2
Cardoso, Fernando Henrique, administra-
during, 1980s, Banco do Brazil, 85
tion, 5, 159
leverage, 51
and Banco do Brazil, 86–9
policy, 1970s, Banco do Brazil, 83
and Caixa, 132
Credit Mobilier, 146
and private banking, 29
crisis/ recovery cycles, 50–2
federal banks and, 34, 182 Cruzado Plan, 85–6
1993 Immediate Action Plan, 33 currency, indexed bonds as alternative, 84
Carreira, Castro, on Banco do Brasil (first) currency boards
insolvency, 63 1920s, 71–3, 74
Cartão do Cidadão (citizenship card), 24–5 Caixa de Conversão, 70–1
Castelo Branco, Humberto de Alencar, Carteira de Emissão e Redesconto, 71
administration, 83 currency emissions
Central Bank of Brazil, 122 Banco do Brasil (first), 62, 63
Banco do Brasil and, 59, 60 Banco do Brasil (second), 65–6, 67
replaces SUMOC, 82 Banco do Brazil (third), 77–80
Chang, H. J., on developmentalism, 19 banknotes, inflation, 64
civil war, Rio Grande do Sul, 72 limits, 1920s, 71
coffee crisis, Banco do Brasil lending and, regional banks, 68–9
73–4 Cutolo, Sergio, 129
Collor, Fernando, 86, 87 Cysne, Roberto, on GDP transfer, 86
Collor Plan, 157–8
commanding heights approach, 18, 19 Dahl, Robert, 181
BNDES, 146, 147, 150, 163 Dahrendorf, Ralf, on planned vs market
providing depth, 2, 175, 177, 181 economies, 20t1.3
222 Federal Banking in Brazil
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developmentalism, 18–19 compared state government banks, 11
Caixas and, 120–2 privatization alternatives development,
Kubitschek administration, 80–1 33
vs liberalism, 1945–64, Banco do Brazil, Federal Government, loans to, 1995–2009,
76–80 35–8, 35–6f2.1–2
Diamond, D., and R. G. Rajan, on bank FGTS payroll surcharge pension fund, 102,
safety, 27 122, 126, 127
disequilibria, Caixas, 120–2 Filho, Café, 80, 81
Dom Pedro I, and Banco do Brasil (first), Finance Programme for Small and Medium
63–5 Enterprises (Fipeme), 151–2, 154
Dom Pedro II, and Banco do Brasil (sec- financial reforms, and BNDE, 151–3
ond), 65–7 financial sector growth, 1955–75, 2–3, 83
Dore, Ronald, market- vs organization-ori- Financial Operations Tax (IOF), 152
ented systems, 20t1.3 Fiocca, Damion, 160
downsizing proposals, Banco do Brazil, 87, fiscal deficits, BNDES and, 156–7
88 fiscal management, Treasury, 59
Dutra, Eurico Gaspar, 77 Fiscal and Inspection Council, Caixas, 111
Fiscal Responsibility Law, 2000, 129, 130
economic adjustment, policies for, 130–1 fixed assets to equity ratios, 7
Economic Development Council (CDE), foreign accounts deterioration, 1950s, 79
153–4 foreign debt, BNDES and, 155–7
Econômico, 130 foreign exchange
efficiency comparisons, 21–2 shortages, 79
electric energy, BNDE and, 148–50 trading, Banco do Brazil, 75, 78, 79
Eletrobras, 150 foreign/ private bank lending, 1995–2009,
Emerging Tech Firm Fund, 159 34–47
Empresa Gestora de Ativos (Emgea), 34 as GDP percentage, 7–8, 8f1.1
and BNH portfolio, 41 Foreign Commerce Account (Cacex), 82
Caixa non-performing assets sold to, 133 Fortunati, José, accountability proposals, 33
equity markets, BNDES and, 155 Fraga, Arminio, 5, 33
Index 223
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on rapid industrialization, 7 Caixas, 121–2
Gide, Charles, 101, 104 middle classes, 102, 103, 121–2, 124, 131
Goldfajn, I., K. Henning and H. Mori, on Home Construction Fund for Low Income
bank expansion, 30 Populations (FAHBRE), 126
Goldman Sachs, on federal banks privatiza- Home Finance System (SFH), 40–1, 126–7
tion, 33 Home Finance System (SFI), 127, 143
Gomes, Ciro, 87 Home Finance System, 1966, 122
Gosden, P., on UK friendly societies, 104 Homem, Sales Torres, 67
Goulart, João, 81 Huntington, Samuel, 181
government bank accounts, 85 hypothetical shocks comparison, 56–7
government bank lending, 1995–2009,
IMF
34–47
exchange rates accord, 79
as GDP percentage, 7–8, 8f1.1
federal banks support, 56–7, 81–2
government banking
money supply control, 84
and markets theory, 17–18 on federal banks privatization, 33
change theories, 14–19, 15f1.3 import substitution, BNDE and, 153–6
disagreements about, 11 indexed bonds, as alternative contracts cur-
liberal economists and, 173–7 rency, 84
or markets theory, 15f1.3, 16–17 industrial change, 1
savings banks role, 101–2 Industrial Bank of India, 146
government bonds, Caixa purchase, 113 Industrial Bank of Japan, 146
government budget deficits, and inflation, 77 Industrial Finance Agency, BNDE, 151
government control industrialization, BNDE and, 150, 153–6
Banco do Brasil (first), 61–3 industry, loans to, 1995–2009, 38–40,
Banco do Brasil (second), 65 39f2.5–6
national banking, 69–73 Industry and Commerce Ministry, BNDE
Government Plan of Economic Action, and, 155
1965 (PAEG), 82 inflation
Grameen Bank, 4 1950s, 79–80
Great Britain see United Kingdom 1980s, 85–6
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Jackson, Henry, 5 interbank/ non-bank, BNDES, 1995–
Jafet, Ricardo, 79 2008, 161t5.1
Japan, bank-centred system, 16 loan approvals by programme, BNDES,
Japan Development Bank, 146 162t5.2
Johnson, Chalmers Ashby, on liberal vs of last resort, 66–7, 74, 160
coordinated/ developmental, 19, trends, 7, 8f1.1, 8–9
20t1.3, 147 see also bad credit; debt crises
Jorge, José, 87 Leninist theories, 2, 12, 175
Jorge, Miguel, and the Caixa, 103 Lessa, Carlos, 160
Jornal do Comercio, on, 1900 Banco do letters of credit, Caixa, 128
Brasil, 70 Lewis, Arthur, 2
JP Morgan on development banks, 147
Emerging Market Bond Index, 50
on rapid industrialization, 7
value-at-risk calculations, 56
liberal markets
Kelly, George, rule-governed vs purpose-gov- economic theory, 2, 3
erned state, 20t1.3 and government banking, 173–7
Kennedy administration, and Furtado Three vs coordinated/ developmental markets,
Year Plan, 81 19–21, 20t1.3
Keynes, John Maynard, on uncertainty and vs developmentalism, 1945–64, Banco
liquidity, 27 do Brazil, 76–80
King, R. G., and R. Levine, on banks and liberalization/ privatization, interaction,
information, 17 173–9
Kirschner, J., politics determines policy, 13 Lima, Cassio Casseb, 89–90
Klein, M., organizational conception of Lima Neto, Antonio Francisco de, 90
banks, 26 Lincoln, Abraham, 5
Kreditanstalt fur Weidaraufbau, 146 Lindblom, Charles Edward, on muddling
Kubitschek de Oliveira, Juscelino through, 4, 12
administration, and BNDE, 149–51 Lipset, Seymour Martin, 181
developmentalism, 80–1 loans see bad credit; debt crises; lending
Index 225
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market share national banking
Caixa, 125–6, 125f4.1 Banco do Brasil, 1889–1930, 68–73
comparisons, 1995–2009, 34–47 government control, 69–73
during Cruzado Plan, Banco do Brazil, national development plan, BNDES and,
85 159
market-centred economies, 16 national populism, Caixas Econômicas and,
Marshall Plan, 148 119–20
Mattoso, Jorge, 134 National Bank for Economic Development
Mauá, Baron, and Banco do Brasil (second), (BNDE), 145, 148–56
65 project criteria, 148–9
Maxfield, S., on banker’s coalitions, 13–14 National Bank for Economic and Social
Means, Gardiner, 178 Development (BNDES), 5–6, 7,
Meirelles, Henrique de Campos, Central 145–6, 154–71
Bank President, 95 compulsory reserves exempt, 53
Mendes, Odorico, on Banco do Brasil (first) financial results, 2002–6, 164t5.3
insolvency, 64
long-term finance, 33–4
Meridional bank, 130
structure, 48–9
Mexican debt crisis
total assets, 2007, 165
BNDES and, 155–7
National Coffee Department (DNC), 74
effects, 84–6
middle class, and Caixa, 102, 103, 121–2, National Household Survey, 2006, 24
124, 131 National Housing Bank (BNH), 40–1, 122,
military government, effects, 10 126, 153
BNDE, 151–3 National Monetary Council (CMN),
Banco do Brasil, 60, 82–3 replaces SUMOC, 82
Caixas, 122–4 National Popular Housing Plan (PAN-
modernization HAP), 126
Caixa, 124–6 National Sanitation Plan (PLANASA), 126
during foreign debt crisis, 85 neo-developmentalist policies, BNDES and,
theories, 14–16 159, 160–70
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pawn services, Caixas, 111, 113 proposals, Banco do Brazil, 87
payroll taxes, for worker retirement, 102, state enterprises, BNDES and, 156–9
152–3 UK savings banks, 104
Peixoto, Floriano, 69 Pro-Home Programme, 128
Pena, Afonso, 70 PROEF, 1999–2001 (Federal Programme to
Pérez, S., on domestic groups and financial Strengthen Federal Financial Institu-
reforms, 13, 14 tions), 30
performance capitalization and reform, 33–4
comparisons, 1995–2009, 34–47 PROER, 1995–7 (Programme to Stimulate
indicators, Caixa, 2005–8, 135–8, Restructuring and Strengthening of
136t4.6, 138t4.7 National Financial System), 30
since capitalization, Caixa, 133–8, and national bank strengthening, 31
134t4.5 Caixa and, 130
Petrobrás, 157, 159, 168 PROES, 1996–9 (Incentive Programme for
petroleum production Reduction of State Public Sector in
BNDES and, 167–8 Banking Activity), 30
deep sea, 160 privatizations, 31–3
Pinto, Rossano Maranhão, 90 Programa Centro-Oeste, 159
PIS-Pasep fund, 165 Programa Reconversul, 159
Polanyi, Karl, The Great Transformation, 1, 3, Programme for Formation of Public Servant
10, 12, 13, 179 Patrimony (Pasep), 152–3
policies Programme for Social Integration (PIS),
since capitalization, Caixa, 133–8 123, 152–3
disputes, Banco do Brazil and, 90–1 Programme for Stimulation of Capital Mar-
Policy for Production Development, ket Development (Procap), 154
BNDES and, 168 Programme of Immediate Action (PAI),
political economy, 10 1994, 87
and government banking, 177–8 Programme of Joint Operations (POC), 154
political elites, federal banks support, 57 Przeworski, A., on Chile, 25
political history, Banco do Brasil, 59–100 PSDB reforms, Banco do Brazil and, 86–9
Index 227
PT coalition (Workers’ Party), 3, 43, 50, 57, Salary Variation Compensation Fund
89–90, 97, 159, 160, 170–1, 174 (FCVS), 127
Banco do Brazil and, 89–90, 97 Santander (bank), 7
public policy, government banks and, Santomero, A. M., on returns maximizing,
11–12, 21–3 26
public sector São Paulo Caixa, 117–19, 118t4.4
capital starvation, 56 Sartori, Giovanni, 181
finance projects, Caixa, 128–30 savings and loan bankruptcies, USA, 108
loans to, 1995–2009, 35–8, 35f2.1 savings banks
modernization, 1 Brazil, 1861–89, 110–15
Europe, comparisons, 101, 104–10
Quadros, Jânio da Silva, 81 in former colonies, 110
legislation, 142–4
Rajan, R., on innovation, 17 state government, 117–19
Ramos, Maria Fernanda, 134 savings
Rawls, John, Political Liberalism, 180 deposits increases, Caixas, 120
Real (private bank), 7 indexation, 102
Real Plan, 10, 29, 85, 88, 124 official, Caixa and, 123, 124
Rede Ferroviária Federal S.A., 151, 158 Scharpf, F., and Ostrom, on European coop-
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Rediscount Facility, Banco do Brazil, 74–7 eration in banking, 109
reforms Schneider, Ben R., 145
Caixa Econômica Federal, 102–3 science and technology development fund,
PROEF and, 33–4 BNDE, 151
veto coalition against, 60 Second National Development Plan, PND
regional banks, acquisition, Banco do Brasil II, 153–4
(second), 65–6 Serra, João Duarte Lisboa, 65
Regional Emerging Entreprise Funds, 159 Setubal, Olavo, 95
Regional Industrial Modernization and shareholdings, BNDES, 166–7
Reorganization Fund (FMRI), 152 shocks, hypothetical, comparison, 56–7
regulations exemption, Banco do Brazil, Shonfield, A., Modern Capitalism, 10,
76–7 12–13, 179
reorientation, Caixa, 2001–8, 133–8 SICREDI, branches, 48
reporting standards, Caixa, 135 Siderbrás, liquidation, 158
reserves, 52–6 Smith, Adam, 173
requirements, Basel II Accord, 22t1.4n social economies, development, 2
requirements exemption, Banco do social inclusion, 1, 4, 23–5, 182
Brazil, 76–7 social policies
returns on assets, 7, 9t1.2, 10 Caixa Econômica Federal and, 102, 103
Revista das Caixas Econômicas, 122, 123 competitive advantages, 139–40
revolution, Banco do Brasil (first) and, 63–5, Social Assistance Fund (FAS), 123
73–6 Social Development Council, 123
Rio Branco, Viscount, 111, 113 Souto bank, collapse, effects, 67, 111
Rio de Janeiro Caixa, runs on, 113 Spain, savings banks development, 107–8
Rio de Janeiro Savings Bank, 110 stabilization
risk analysis, municipal governments, 169 Caixas, 114–15
Rokkan, Stein, 181 policies for, 130–1
rural debt crisis, 1995, 88 start-ups, BNDES and, 160
Russia, foreign debt moratorium, 56 state enterprises, privatization, 156–9
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Votorantim Bank, 7
Taubaté accord, 70
Banco do Brazil and, 91, 95
Technical and Scientifi c Development Fund
(Funtec), 151 Weber, Max, on planned vs market econo-
Telebrás, 158–9 mies, 20t1.3
Tilly, Charles, 181 Weinstein E., and Y. Yafeh, on innovation,
Tobin, J., on banks behaviour impact, 26 17
Torres, Joaquim José Rodrigues, 65, 101 Werlang, S., on banking coordination, 33
transportation, BNDE and, 148–50 Whitaker, Finance Minister, 72, 74
Treasury bonds, holding/ trading, 51 Woo-Cummings, M.
Treasury, fiscal management, 59 on development banks, 147
Treasury funds, access, Banco do Brasil and, on government banking, 155
60 on politics and financial reforms, 13, 14
Treasury obligations zeroed, Banco do Workers’ Assistance Fund (FAT), 159, 163
Brazil, 83 Workers’ Party (PT) coalition, 3, 43, 50, 57,
89–90, 97, 159, 160, 170–1, 174
Unibanco, 7 working people, and São Paulo Caixa, 119
UNICRED, branches, 48 World Bank
United Kingdom and US–Brazilian agreement, 148
market-centred economy, 16 on federal banks privatization, 33
savings banks development, 104, 106 on poverty alleviation, and banking
United Nations Economic Commission on services access, 24
Latin America (ECLA), 149
United States Ximenes, Paulo César, 87
and federal banks, 5 Yunus, Muhammad, 4
market-centred economy, 16
US–Brazilian Joint Commissions, 146, Zini, A. A., on financial sector growth,
148 1955–75, 83
USAID, BNDE and, 151 Zysman, John, 10, 178