Not only economic reason: notes about the emergence of Brazilian sovereign credit market

Abstract

The article presents a discussion about some dimensions of the Brazilian public debt market, specifically about its emergence and path. We make these propositions through the interpretation of the manifestation of sovereign credit risk. Therefore, two political moments were considered and some relevant milestones of the constitution of this economic and financial morphology analyzed. Through the disputes and tensions revealed by these two events, we aim to understand, not only the initial constitution of the Brazilian market structure, but the cultural apparatus that surrounded it. For this propose, the article recurs to critical sociology, through which the financial plot is put into historical and cultural biases. This article contributes with an analytical framework that breaks with the strong economic dogma, which dominates the agenda and problematizations about the public debt market.

Keywords

• mercados
• títulos da dívida pública
• agências de classificação de risco
• governamentalidade