A hipótese da instabilidade financeira de Hyman Minsky e a crise econômica brasileira de 2015-2016

Abstract

In view of the economic crisis experienced by Brazil in 2015 and 2016, this paper aims to analyze this historical fact from the hypothesis of financial instability by Hyman Minsky, carrying out a literature review that studies the financial situation of Brazilian non-financial companies in the decade 2010 and the performance of the government during the period. Therefore, a bibliographical review of Keynesian and post-Keynesian theory (especially Minsky's works) was carried out, as well as the main Brazilian academic works that seek to interpret the process of crisis in the country. In this sense, a retrospective from 2003 to 2016 was made so that it would become more noticeable to improve and make social experienced in the period that made the crisis possible. The results visualized point to a process of financial weakening of Brazilian non-financial companies in the 2010s, with an increase in indebtedness and a reduction in revenues. It is also noticed that the increase in indebtedness was, in part, provided by the financial innovations of the period and by the government's credit granting policies, which enabled an important change in the agents' financing pattern. Furthermore, it is argued that a weak action by the federal government to combat the crisis ended up deepening it, as predicted by post-Keynesian theory. Finally, it is worth noting that in academic interpretations of the crisis it is clear that there is greater space for heterodox strands in the economic debate, in terms of the neoliberal orientation of the government's economic policy today.