A crise financeira internacional de 2008 e o desafio da regulação bancária: Shadow Banking e as políticas macroprudenciais no Brasil

Abstract

This paper aims to analyze the intersection between the 2008 global financial crisis, the growth of Shadow Banking and the implementation of Basel III Accord in Brazil, focusing on the challenges and opportunities that this regulation has brought to the supply of credit and national financial stability. The aim is to understand how financial regulation, adapted to the Brazilian context, can strengthen the resilience of the banking system in the face of economic crises, while at the same time supporting economic development. To this end, an extensive literature review was carried out, covering the main events and changes in the international and national financial system from the subprime financial crisis to the present day. The data analysis used empirical sources and official documents, such as reports from the Central Bank of Brazil and international Basel guidelines, as well as including criticism from authors specialized in the area. It was possible to understand that the 2008 financial crisis revealed important systemic vulnerabilities, especially regarding the insufficient regulation of Shadow Banking. The research also indicates that, despite additional protection and improvements in macroprudential supervision, regulation still faces practical limitations that hinder the expansion of credit, an essential factor for the country's sustainable economic growth. It concludes that in Brazil, although Basel III has brought significant advances, the local context requires a regulatory approach that manages to balance security and access to credit.