Concentração bancária e estrutura produtiva: o caso de Moçambique

Abstract

There is a dynamic relationship between the banking sector and the real sector. The way the financial system interacts with the productive structure has implications for the banking sector. Banks are primarily institutions that act and are influenced by real sector dynamics and the focus of macroeconomic policies. In order to answer the major questions on the theme, a methodology was inserted that includes three components: (I) demonstration of bank concentration; (II) demonstration of the allocation structure of the investment and (III) relationship between the bank concentration and the productive structure. The credit to the economy provided by the banking system for the period 1993 - 2002, shows an irregular trend. This is a sign of the excessive concentration of credit and investments in some sectors, projects. The main results show that: (I) credit and bank investment tend to be concentrated in the industrial sector, where mega and large projects predominate. This sector is largely financed by foreign direct investment; (II) the regional concentration of credit and investment follows a regional pattern, explained by dynamics of the productive structure, as well as the corporate strategies of regional capital; (III) the national banking system is of the oligopoly type, with the dominance of 2 banks in credit operations. The reform of the financial system was not designed within an analytical framework for financing productive activity. The structure of the banking system is influenced by the pattern of development and strategies inherent in the banks themselves. The main implication of the analysis is that banking concentration, having an effect on the availability of credit, reinforces the asymmetrical pattern of development. The banks that are already in place have no incentives to expand on a national scale, given their strategies to maintain and expand the supply of credit in these regions. (TRADUÇÃO NOSSA)