O avanço do processo de liberalização financeira no Governo Lula e o comportamento dos fluxos de capitais internacionais para o Brasil

Abstract

This article shows the particularities of the behavior of the international capital flows to Brazil after widening of the financial liberalization process of the economy in the Lula Government. Among the liberalizing measures adopted in this Government, can be highlighted: the extinction of the CC5 accounts, the unification of the free and floating cambial rate’s markets, and the increase of the deadline for cambial covering of the exports. Although these are recent measures, they had affected the capital flows behavior since the second quarter of 2005. Thereby, two specific characteristics of these flows where identified: short term liquidity cycles of financial flows had been amplified and the portfolio investment flows had grown in detriment of the direct foreign investments.