In this episode, Sebastian Alvarez (Universidad Adolfo Ibañez) & Carmen Hofmann (eabh) explore the powerful role of the Brazilian state in shaping the country’s financial system—focusing on the fascinating case of Banco do Brasil.

Far beyond its domestic credit functions, BB emerged as a key player on the international stage during Brazil’s developmentalist era from 1964 to 1982. We’ll uncover how the bank helped manage external imbalances and even sidestepped IMF oversight to support industrialization efforts. This story challenges conventional narratives by highlighting the strategic use of international banking to advance national economic goals. Tune in for fresh insights into Brazil’s unique blend of state power, finance, and global engagement.