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The paper aims to understand the origins of the recent declines in the product of the Brazilian economy (defaults), observed in the years 2009, 2015 and 2016, checking whether they are related to the real economy or to purely financial transactions and seeks to discuss the factors related to detected causes. A flow of funds analysis was applied, which allowed us to observe that financial transactions mirrored real transactions in all years, except in 2008, showing that the causes of defaults are strongly related to real economy factors. Changes in the structural position of the institutional sectors have evidenced the loss of the government’s “policy space” and that financial companies have improved their role as financial intermediaries with the encouragement of the Central Bank. Vulnerabilities were detected, evidencing the reduction in the saving capacity of families, depletion of investments and financial restriction of non-financial companies, and also, it was observed that the rest of the world has been receiving a significant portion of Brazilian savings.

As Origens dos Recentes Defaults da Economia Brasileira: Efeitos da Economia Real ou Decorrentes de Transações Puramente Financeiras?