Developing countries’ changing nature of financial integration and new forms of external vulnerability: the Brazilian experience

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Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience (2018, background): “For the case of Brazil, Kaltenbrunner and Painceira (2015) show that this took place irrespective of Brazil’s sound fundamentals, the massive accumulation of foreign exchange reserves, and the switch from foreign currency to domestic currency debt.31 Indeed, Brazil had become a net foreign currency ”