Description: Caixa Economia Federal, or simply Caixa, is an extremely important Brazilian economic institution, located in brasileiras, Minas Gerais, Southeastern Brazil. It is the second largest banks in Brazil, the third largest in the country, and the third largest in Latin America and the second largest bank in the entire world. It was nationalized by the government in 1987. This huge bank makes use of many complicated and effective techniques and strategies that are aimed at helping its depositors and borrowers achieve the greatest possible returns on their investments and that also helps to maintain the solvency of the organization. Some of these strategies include: interest rate management, interest rate transparency, credit risk management, deposit insurance, asset recycling and resolution of disputes, cross-functional cooperation among the different departments, exchange rate management, risk management, supervisory services including internal controls, risk management tools and internal accounting systems etc. All these features make Caixa an extraordinary banking institution.
Caixa is very unique feature of this massive institution. While it is not a bank that actually generates cash, it acts as a financing source for many other companies, most notably the ones that manufacture and/or distribute the products that are made by some of the major companies that are located here in Brazil such as the makers of Lufthansa, Austria's airline agency, and British Airways. There are many other global corporations and banks that have their headquarters in Brazil and that depend on Caixa for their financing needs.
So, what is Caixa Economica all about? Well, it's a complicated issue. The basic concept behind Caixa is that the Brazilian economy should be able to create a competitive edge over the economies of many other nations in South America and that these companies (the major ones that form the “Compania” of the Brazilian economy) should not be hindered from increasing their earnings by some of the measures the Brazilian government has been taking. Some of the steps that these companies have been taking include increasing taxation on its corporate sector (making the corporate tax rates in excess of 50 percent) and reducing subsidies that have been granted to favored companies. All these measures have resulted in making the Brazilian economy very uncompetitive in the global market.
But Caixa hasn't been able to do it alone. Through several economic policies introduced by the government of Brazil (the Workers' Party, which governed until recent elections), the country has been able to craft its own economic model that will give it the ability to compete with other emerging economies of the future. In fact, a recent study showed that the policies being implemented by the Workers' Party, together with its policies of structural adjustment, have led to the contraction of the Brazilian economy over the past three years. This was further corroborated by the fact that over the last decade, the primary deficit of the Brazilian economy has been reduced by more than two-thirds, while the interest rates have been brought down by almost one-fifth.
However, caixa economica is not just about the macroeconomic stabilization of the country's economy. The rise of caixa economica as a means of increasing income for the masses, has also created other implications in other sectors of the economy. For instance, the introduction of caixa economica has meant that there are greater opportunities for people of lower income groups in getting loans for purchasing new homes, cars, office space, or other items of personal choice. Since a significant number of Brazilians fall into the lowest income brackets, the availability of loans has actually accelerated the process of economic development in this country. As such, the creation of jobs (and hence, employment) has also increased during this period of economic liberalization. This is something that the Workers' Party government had been keenly aware of, and made sure to do everything possible to keep the job market healthy.
caixa economica also represents the beginning of a more regulated banking system. As the country's currency, the real, gains in value relative to foreign currencies, the role of the central bank of Brazil – the BBB – is bound to be strengthened. In the past, the bank was averse to giving loans and other financial assistance to businesses and other individuals (including individuals of Brazilian origin), due to the very high risks involved. Today, the government has made it a point to keep inflation at manageable levels, making it easier for businesses and individuals to access loans at competitive rates. With these factors in mind, it is likely that the growth of caixa the economy will continue at a steady rate, allowing it to gradually become a more solvent entity for its national and regional economies.
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