Desregulamentação financeira e intervenção do Estado na economia: o exemplo americano e o caso brasileiro

Abstract

This work aims to identify the occurrence of a possible deregulation in the National Financial System, which could lead to a systemic crisis. The start point will be the understanding of the deregulation process in the United States, since it exerted a direct impact in triggering the crises witnessed in 2008. Efforts will be addressed to Minsky's theory of financial fragility, with the aim to offer a relevant explanation on the issue of the need for state intervention in the economy. The Basel agreement that established various regulatory parameters to promote stability at the international level will also be exposed. The analysis of financial deregulation in Brazil will take place through an examination of the development and construction of the National Financial System, taking as parameter regulatory failures identified in the US financial system that lead to the crisis of 2008, as well as market failures presented by Minsky requiring state intervention to regulate financial activity. This reflection is justified in reason of the importance of this subject, considering that a systemic crisis affects not only the economy but also society negatively.