The regulatory actions of the Central Bank of Brazil in the context of financial crisis of 2008: an analysis of the institution's decision-making process and actions to maintain the soundness of the national banking systemjavascript: tab_goToTab("3","chan

• Grant number: 20/00505-9
• Support Opportunities: Scholarships in Brazil - Scientific Initiation
• Start date: May 01, 2020
• End date: April 30, 2021
• Field of knowledge: Applied Social Sciences - Law
• Principal Investigator: Diogo Rosenthal Coutinho
• Grantee: Marcelo Vaz de Oliveira Júnior
• Host Institution: Faculdade de Direito (FD). Universidade de São Paulo (USP). São Paulo , SP, Brazil

Abstract

The Financial Crisis of 2008 triggered a situation of financial instability in several countries, which meant that their monetary authorities had to act in favor of maintaining the liquidity of the banking system. In Brazil, in particular, the effects of the crisis were mitigated through the coordination of government actions combined with the exercise of monetary power by the Central Bank of Brazil (BCB), helping to maintain stability in the Brazilian banking sector. In view of this, the present research proposes to analyze the Financial Stability Reports in order to understand how the BCB interpreted the meanings of the crisis, that is, what was its narrative about this phenomenon and, from that, the institutional and regulatory actions adopted by the institution in order to guarantee the liquidity of the Brazilian banking system in the context of the Crisis of 2008. Furthermore, it seeks to compare the institutional narrative with that contained in analytical studies carried out by experts outside the institution on the period in order to verify the divergences and convergences with that of the BCB. With this, it is intended to contribute to the contemporary debate about the interdisciplinary approach of this type of institution, bringing together contributions from political economy, economic sociology and legal sociology. In addition, as the institution proposes to give transparency to its actions with the disclosure of the reports, the objective is to verify whether these documents sufficiently informed the public about the senses considered for making its decisions. (AU)