A integração do mercado financeiro brasileiro durante o período 1978/90

Abstract

The importance of the structure of the financial markets, to study the effect of macroeconomic policies in developing countries, has received growing attention in the literature. This paper tries to investigate how integrated were four of the most important segments of the formal financial market in Brazil, during the period 1978/90. This investigation was based on correlation and cointegration analyses, using interest rates that prevailed in each segment. Our results indicated that the integration among those segments was very weak. These results may have important implications for the conduct of monetary and fiscal policies in Brazil.