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RESUMO: Este artigo analisa o comportamento do setor bancario no ciclo recente de credito no Brasil (2003-2016), caraterizado pelo boom e a desaceleracao, a partir da abordagem pos-keynesiana de preferencia pela liquidez desenvolvida por Keynes e Cardim de Carvalho e da hipotese de fragilidade financeira de Minsky. Sustenta-se que o comportamento dos bancos e o ciclo de credito seguiram, grosso modo, o padrao estabelecido por essa teoria. Contudo, a aplicacao dessa abordagem a realidade dos bancos no Brasil impoe que se levem em conta especificidades institucionais e macroeconomicas que desempenharam um papel destacado no periodo analisado, tais como inovacoes financeiras, spreads elevados, existencia de um circuito de overnight e importância dos bancos publicos.  ABSTRACT: This paper analyzes the behavior of the banking sector in the recent cycle of credit in Brazil (2003-2016), boom and bust, taking as a starting point, the post-Keynesian liquidity preference approach developed by Keynes and Cardim de Carvalho and Minsky’s financial fragility hypothesis. It argues that the behavior of banks and the credit cycle broadly followed the pattern established by this theory. However, the application of this approach to the reality of banks in Brazil requires taking into account institutional and macroeconomic specificities that played a major role in the analyzed period, such as financial innovations, high spreads, the presence of an overnight circuit, and the importance of state-owned banks.

COMPORTAMENTO DOS BANCOS E CICLO DE CRÉDITO NO BRASIL EM 2003-2016: UMA ANÁLISE PÓS-KEYNESIANA DA PREFERÊNCIA PELA LIQUIDEZ