A dinâmica do mercado monetário, de crédito, de capitais e da inovação financeira no Brasil: uma análise pós-keynesiana do sistema financeiro nacional

Abstract

This study analyzes the functioning of the Brazilian financial system, with an emphasis on the dynamics of the monetary, credit, and capital markets, in light of the transformations driven by financial innovations, particularly those promoted by fintechs. The theoretical foundation adopts a heterodox approach, engaging primarily with two schools of thought: the post-Keynesian, which addresses the role of endogenous money, liquidity preference, and uncertainty in consumption and investment decisions; and, alternatively, the neo-Schumpeterian school, concerning the role of innovation in the financial system, with the exception of Minsky’s perspective, which, despite addressing financial innovation, remains aligned with the post-Keynesian framework. The research demonstrates that credit plays a central role in financing production and in shaping economic cycles. While financial innovations expand liquidity and access to credit, they can also heighten the system’s financial fragility, contributing to the risk of instability. The monetary market emerges as the structural foundation of the other markets, given the direct influence of monetary policy on them. With regard to the capital market, the study highlights the contrast between the neoclassical view, which regards savings as a prerequisite for investment, and the post-Keynesian perspective, which asserts the opposite logic. Furthermore, the regulatory structure of the Brazilian financial system plays a decisive role in mediating innovations, as financial innovations frequently operate by exploiting regulatory gaps and areas of normative flexibility. The study concludes that a critical and theoretically grounded understanding of the financial system is essential for the formulation of economic policies that promote stability, efficiency, and financial inclusion.