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Brazil's Capital Market: Current Status and Issues for Further Development

The share of infrastructure increased to 40 percent in 2011 from 31 percent in 2010 while the share of industry decreased to 32 percent––though given the substantial increase in BNDES lending, the absolute levels of credit for industry have increased. (see Figure 19). Looking further ahead, BNDES could gradually shift toward promoting the development of long-term capital markets, including by playing a role in standardization and market making (e.g., co-financing of infrastructure projects with the private sectors) in the long-term financing market. . | WP 12 224 Brazil s Capital Market Current Status and Issues for Further Development Joonkyu Park INTERNATIONAL MONETARY FUND 2012 International Monetary Fund WP 12 224 IMF Working Paper Western Hemisphere Department Brazil s Capital Market Current Status and Issues for Further Development Prepared by Joonkyu Park Authorized for distribution by Vikram Haksar September 2012 This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author s and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author s and are published to elicit comments and to further debate. Abstract Capital market development in Brazil is a key policy issue going forward to foster savings investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded market infrastructure has been reformed and strengthened and a diversified investor base has been built. Nonetheless Brazil s capital markets are still facing a number of challenges including prevalent short-term indexation investors risk aversion to long-term fixed rate bonds still low liquidity in the secondary market and managing the role of BNDES. A shift to a lower yield curve environment should continue to gradually take place. But further progress will require continued policy effort to assure macro stability and financial sector reforms to promote the development of longer-term private finance. JEL Classification Numbers E44 G15 G28 G32 Keywords Brazil capital market indexation long-term financing BNDES Author s E-Mail Address jpark3@imf.org The author wishes to thank Vikram Haksar David Vegara as well as the Brazilian authorities for their insightful comments. 2 Contents Page I. Introduction.3 II. Brazil