O sistema de financiamento público brasileiro: alterações institucionais nos fundos e bancos públicos

Abstract

This paper aims to discuss the public financing system in Brazil based on three institutional movements observed from the second half of the 2010s, according to the change in the central government’s financial policy. It is argued that these movements have generated significant changes in the Brazilian credit guidance system. The first movement refers to the large public, fiscal and parafiscal funds, FAT and FGTS. A new institutional format can be seen, based on an operating logic less associated with the structuring of long-term funding and more linked to short-term stimuli in demand. Secondly, the Housing Finance System (SFH) has been the target of a major process of rules flexibilization, which can affect the way the system itself works. Finally, the emergence and expansion of the use of Guaranteed, Investment and Operational Funds (FGI and FGO), which has made a new steering format possible, in which a more active participation of the banking system is expected, not only public but also private. To this end, this paper is organized in four sections, besides the introduction and final remarks. Sections 2 and 3 present the institutionalization, its origins and changes, as well as the recent trajectory of the FGTS and FAT. Section 4, on its turn, deals with credit guidance and deposit requirements. Finally, the emergence and expansion of the FGI and FGO are discussed in section 5.