Capital markets in the Development Process: the Case of Brazil.

The institutional reforms undertaken in the mid-sixties shaped the main features of the Brazilian financial system. In his analysis of the evolution of the financial system and the capital markets in Brazil, John Welch's work takes these reforms as its central reference, putting in perspective their objectives, the financial structure which emerged from 1964 to 1985, the achievements and the problems currently faced by the system.

In the author's vision, if compared with the experience of reform - or, more accurately, liberalisation - in the Southern Cone countries, the Brazilian reforms were relatively successful and helped to avoid huge capital flights, at least in …