Financial interests and the capture of the State in Brazil

Vol. 37 No. 2 (2017)

Apr-Jun / 2017
Published February 26, 2020
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Ianoni, Marcus. 2017. “Financial Interests and the Capture of the State in Brazil”. Brazilian Journal of Political Economy 37 (2):324-42.

Financial interests and the capture of the State in Brazil

Marcus Ianoni
Professor do Departamento de Ciência Política da Universidade Federal Fluminense.
Brazilian Journal of Political Economy, Vol. 37 No. 2 (2017), Apr-Jun / 2017, Pages 324-342


The work explores the evaluation of Bresser-Pereira (2007) of which the Brazilian macroeconomic policy expresses the capture of the State by a coalition of rentiers and financiers interests, which also influences financial regulation. To this end, analyzes two investor relations agencies, of the Central Bank and of the National Treasury, and an investment promotion agency formed by regulators and regulated. Argues that these agencies strengthen communication and policymaking channels between regulators and regulated; attest to the influence of financial institutions on public policy decisions; and carry convergence of interests among financial investors and State. Concludes by assessing the thesis of macroeconomic policy capture is feasible and should be researched in a systemic way.

JEL Classification: E5; G0; F3.

Keywords: Financial interests capture theory investir relations Central Bank National Treasure best Brazil.