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Erschienen in:
Financialization as a Global Process Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

2. Financialization of the Brazilian Territory

verfasst von : Fabio Betioli Contel

Erschienen in: The Financialization of the Brazilian Territory

Verlag: Springer International Publishing

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Abstract

This chapter shows how the Brazilian financial and banking system has developed from a geographical perspective. The origin of the national banking and monetary system is discussed at a time when financial institutions were completely local or regional. Since World War II, but especially from the Reform of the National Financial System of 1964/65, a process of intensification of the financial division of labor began, and non-monetary institutions directly linked to the financialization of the territory (mainly investment banks and stock exchanges) arise and develop. The more regionalized character of the financial system is replaced by a national bank-based oligopolized structure, with its core area in the city of São Paulo. It is also analyzed the substitution of face-to-face/presential banking service channels to informational/remote ones.

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Vorheriges Kapitel Financialization as a Global Process
Nächstes Kapitel Financialization and Local Scale Dynamisms
Fußnoten
1
According to Santos (1996), given the inseparability of forms and contents in the analysis of geographical space, norms can be understood as a constitutive content of space itself. Similar reasoning made earlier Anthony Giddens (1984)—not for the analysis of space, but society—from his theory of structuration, when he defines that norms and rules are an essential part of the structure of any society.
 
2
The importance of CARED is noticed by Eugenio Lagemann, when reminds that it was responsible for a “greater stabilization” of financing system as a whole, once “served as guarantee for banks, allowing them to put into circulation amounts that would otherwise be withheld” (Lagemann 1985, 35).
 
3
As shown by the testimony of Cleantho de Paiva Leite (in Paiva 2012, 24), member of the BNDE’s first Board of Directors, “The operating area of BNDES focused on the energy and transportation areas and, especially, basic industries. Energy to support large projects, such as the Hydroelectric Power Plants of São Francisco, Furnas, Cemig and others. Transportation, with emphasis on port and railroad structures and basic industries in the areas of steel manufacturing, heavy mechanics and chemistry.”
 
4
In order to reach the desired objective – to increase the volume of deposits received – the banks began the creation of new branches and elevated the number of employees. As could be imagined, this policy was, in certain way, one of the most important factors for elevation of their costs (Passos 1973, 56).
 
5
Self-financing, in turn, consisted of three main techniques: 1. Foreign exchange financing (devaluation of the exchange rate and easy importation of production assets); 2. inflation financing (use of price differences in economic transactions in favor of the company); 3. promissory notes to manage payment deadlines for suppliers.
 
6
As shown by the website of B3—the contemporary name of BM&FBovespa—“The integration of BM&F with Bovespa Holdings, approved on May 8, 2008, gave rise to BM&FBOVESPA S.A. Securities, Commodities and Futures Exchange, then already one of the world’s largest exchanges in terms of market value. […] With a totally verticalized and integrated business model, BM&FBOVESPA began operating in the trading and post-trading of equities, bonds and derivatives, publication of quotations, production of market indices, development of systems and software, issuer listing and securities lending, as well as acting as a central securities depository (CSD). Its systems made possible the buying and selling of securities, especially equities, the transfer of market risks via hedging, price arbitrage between markets and/or assets, investment diversification and allocation, and position leveraging, all of which contributed to Brazil’s economic growth.” (Available at: http://​ir.​bmfbovespa.​com.​br/​static/​enu/​perfil-historico.​asp?​idioma=​enu).
 
8
In order to justify that they consist of services with a different nature than what occurs in the traditional bank branches, the commercial banks, and their main class association—the Brazilian Bank Federation—FEBRABAN—has been trying to denominate this new form of service provision such as “non-bank correspondents,” instead of “bank correspondents” (FEBRABAN 2011). The labor unions, in their turn, show that the correspondents execute operations that are typically banking services, and the way that they are being regulated, generate in banks a “indiscriminate outsourcing in the financial system, including end-activities” (CONTRAF-CUT 2013).
 
9
The most recent data released by the Central Bank show that, for 2014, only Pescaria Brava—a small city in the state of Santa Catarina—had no physical/local banking service provider (BANCO CENTRAL DO BRASIL 2015).
 
10
It is important to note that these transactions do not involve the movement of money, but rather consultation of balances, request for services, credit cards, etc.
 
11
For Almeida (2015, 381), the Contact Centers are a result of the complexification of call centers, and “this new term assigns the places that, in addition to performing traditional services of telemarketing, concentrate also a greater number of information about the consumers (income, periodicity and purchase typology, residence place, age range, education, etc.). The new management methods of information allow manipulation of data banks each time more complex, capable of crossing referencing and defining consumer potential profile.”
 
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Metadaten
Titel
Financialization of the Brazilian Territory
verfasst von
Fabio Betioli Contel
Copyright-Jahr
2020
Buch
The Financialization of the Brazilian Territory

Print ISBN: 978-3-030-40292-1

Electronic ISBN: 978-3-030-40293-8

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-40293-8_2