REAL STATE FINANCING IN BRAZIL: AN HISTORICAL ANALYSIS COMPRISING THE PERIOD OF 1964 TO 2013, GUIDED BY THE THEORICAL POST-KEYNESIAN AND EVOLUCIONARY UNDERSTRUCTURE
DOI:
https://doi.org/10.5902/1414650921103Keywords:
Housing loans. Mortgage Loan. Property Expansion.Abstract
Between 1964 and 2013 were created in Brazil two financing systems in order to solve the problem of housing deficit. The first one was the Housing Finance System (HFS), created in 1964, which focus was directed to the financing of residential properties for low-income population, the second one was the Real Estate Financing System (REFS), created in 1997 that had a broader character and worked on the logic of market financing. In reason of characteristic factors of the Brazilian economy REFS could not climb great results, so that most of the housing loans are accomplished through the HFS. The federal government programs in recent years played a key role in the expansion of housing financing. This credit enhancement is providing tremendous growth in real estate and is causing an increase of property prices. All this historical process reveals innovations in the forms of funding and evolution within systems, in this way, the analysis came from the concepts of two economic theories, Hypothesis Financial Fragility and evolutionary theory.
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