PIX: explaining a state-owned Fintech
This paper aims to explain the Brazilian Central Bank’s (BCB) decision to createand operate a new instant payment system: PIX. Understanding that “digital financialization”can take different forms, this study sheds light on the factors that led to the BCB’s choiceto launch a “state-owned Fintech”. T...
| Autores: | , , |
|---|---|
| Tipo de documento: | artigo |
| Estado: | Versão publicada |
| Data de publicação: | 2023 |
| País: | Brasil |
| Recursos: | EDITORA 34 |
| Repositório: | Revista de Economia Política |
| Idioma: | inglês |
| OAI Identifier: | oai:ojs2.centrodeeconomiapolitica.org:article/2434 |
| Acesso em linha: | https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2434 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Financialization digital financialization PIX payment systems Central Bank of Brazil Financeirização financeirização digital sistemas de pagamento Banco Central do Brasil |
| Resumo: | This paper aims to explain the Brazilian Central Bank’s (BCB) decision to createand operate a new instant payment system: PIX. Understanding that “digital financialization”can take different forms, this study sheds light on the factors that led to the BCB’s choiceto launch a “state-owned Fintech”. The analysis considers three complementary factors.Firstly, the BCB’s institutional trajectory has made it protective of its perimeter of power.Secondly, the ideas shared by transnational networks support the active role of central banksin managing instant payment issues. Thirdly, the interests of traditional banks were notsignificantly impacted to the extent that they would oppose the creation of PIX. Through examining BCB documents and secondary literature, this study provides a first-hand accountof the motivations and circumstances that led to the creation of PIX in Brazil. JEL Classification: G18; K23. |
|---|