This paper focuses on the recent development of the Brazilian financial system and its institutions. It begins by presenting an overview of the credit market in the post-Real Plan period. After stabilization, financial institutions had to be completely reformed. A very conservative and...

This study theoretically and empirically examines working capital management in a general setup that allows for variation in market power and financial constraints. Under asymmetric financial constraints, firms may extend trade credit; otherwise, they will use their market power to extract value...