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Brazil experienced a complete economic cycle with an ascending phase in the 2000s, followed by a decline during the following decade. Using the national accounts, the objective of this article is to trace the growth path of the Brazilian economy from the 2000s onwards through a detailed analysis of the financial balance and income flows of the institutional sectors. It will be shown that the economy has two relevant points of inflection: the first was the external shock occasioned by the 2008 global financial crisis, and the second was the change in domestic economic policy after 2015 following an austerity agenda. The article compares the financial balance of the institutional sectors at the two historical moments. It sheds new light on why the Brazilian economy entered the descending phase of the economic cycle and is stagnating and deepening its financialization process.

External Balance and Financialization: An Interpretation of the Evolution of the Brazilian Economy Since 2000