Ciclos econômicos e instabilidade financeira: o Banco Central do Brasil como emprestador de última instância

Abstract

With the 2008 subprime housing crisis, the Central Banks role as a lender of last resort was essential to mitigate its effects, with its operations taking place in the US and extending to the European Union. In Brazil, its effects were limited due to its regulation, the commodities boom and the good situation of its reserves, even with the limited effects of the crisis, the Central Bank of Brazil (BACEN) acted as a lender of last resort, creating mechanisms of liquidity to the economy. After the crisis, there was a recession that degraded the fundamentals of the Brazilian economy with the increase in public debt due to the economic policy adopted at the time. The present research aims to analyze the condition of BACEN to act as a lender of last resort, in a scenario of financial instability and in view of the increase in public debt, with the country stagnating in a decreasing phase of the economic cycle. To make this analysis, the hypothetical deductive method was used based on Keynesian and post-Keynesian policies, being a qualitative study and based on bibliographic and documentary research, secondary and primary. With the present study, it was observed that with the non-reversal of the economic cycle since 2014 and with the issuance of debt securities committed, due to its increase in relation to PIB, BACEN would have its proper performance as a lender of last resort compromised.