Abstract This paper aims to explain the Brazilian Central Bank’s (BCB) decision to create and 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 choice to 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 banks in managing instant payment issues. Thirdly, the interests of traditional banks were not significantly 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 account of the motivations and circumstances that led to the creation of PIX in Brazil.

Resumo Este artigo tem como objetivo explicar a atuação do Banco Central do Brasil (BCB) ao criar e operar um novo sistema de pagamento instantâneo, o PIX. Compreendendo que a “financeirização digital” pode assumir diferentes formas, este estudo busca entender os fatores que levaram a escolha do BCB de lançar uma “Fintech estatal”. A análise apresenta a complementariedade de três fatores. Em primeiro lugar, a trajetória institucional do BCB o tornou cioso de seu perímetro de poder. Em segundo lugar, as ideias compartilhadas por redes transnacionais justificam o papel ativo dos bancos centrais no tema dos sistema de pagamento instantâneo. Em terceiro lugar, os interesses dos bancos tradicionais não foram significativamente impactados a ponto de vetarem a criação do PIX. Por meio da análise de documentos do BCB e de literatura secundária, este estudo apresenta uma explicação original das motivações e circunstâncias que levaram à criação do PIX no Brasil.

This text deals with BNDES between 1995 and 2016. It intends to answer two questions: 01. Which institutions did presidents and directors of BNDES pass through in the period before they achieved their positions in the Bank?; 02. Are there any differences, in this regard, between the PSDB and PT administrations? The article uses Social Network Analysis to capture the prior trajectory of individuals before they reached the positions of president and director of the Bank. The data is presented in four sociograms, one for the FHC administrations, another for the Lula administrations, a third for the Dilma Rousseff administrations, and a last one of directors and presidents of the Bank. Our data reveals important differences in relation to the structure of the trajectories of BNDES directors between different administrations, which could be linked to their different economic projects. By way of conclusion we make some final considerations about the data and its possible theoretical implications.

Resumo Este artigo analisa a trajetória profissional de 45 dirigentes do Banco Central do Brasil (diretores e presidentes). O objetivo é captar a estrutura da carreira desses agentes, levando-se em consideração todos os cargos ocupados e a conexão entre eles. Para tanto, usamos a metodologia da Análise de Redes Sociais (ARS), em particular as suas medidas de centralidade ( degree e betweeness ) e suas técnicas de clusterização. As fontes utilizadas foram as biografias disponíveis na página da instituição, os currículos submetidos à aprovação do Senado Federal, o website da Bloomberg e o sistema Bloomberg Professional , além do Dicionário Histórico Biográfico Brasileiro do CPDOC. Nossas conclusões apontam para a complexidade das carreiras desses agentes, que combinam os setores público, privado e de ensino.

Abstract The article analyses the professional career of 45 chairs of Brazilian Central Bank (directorates and presidents). Its purpose is to capture the career structure of these agents, taking into consideration every position throughout their career and the connections among them. Therefore, we use Social Network Analysis, especially its centrality measures (degree and betweeness), and its clustering techniques. The sources consulted were biographies available on the Central Bank’s website, the curricula used by the Federal Senate to approve the directors, the Bloomberg’s website, the Bloomberg Professional System, and the Dicionário Histórico Biográfico Brasileiro elaborated by CPDOC. We conclude that the Central Bank’s directorates and presidents have very complex careers, which combine positions in the public, private and university sectors.

Resumo: Este artigo faz uma análise das trajetórias profissionais e dos backgrounds educacionais dos diretores do Banco Central do Brasil que serviram desde o primeiro governo de Fernando Henrique Cardoso (1995) até o término do primeiro mandato de Dilma Rousseff (2014). O trabalho apresenta duas novidades. Primeiro, a elaboração de um banco de dados inédito sobre os currículos dos 39 diretores que atuaram nos governos no período mencionado. Segundo, a utilização da literatura em metodologia da Economia para a caracterização dos backgrounds educacionais dos diretores com formação em Economia. Os resultados mais gerais apontam para uma diferenciação entre o tipo de diretor recrutado para as diretorias envolvidas com decisões de política econômica e para aquelas que lidam com questões organizacionais do banco. Entretanto, não há diferença significativa entre o tipo de diretor escolhido pelos governos do PSDB e do PT.

Abstract: This paper analyses the professional and educational backgrounds of members of the Board of Directors of Central Bank of Brazil in the period between the beginning of the first Fernando Henrique’s term and the end of Dilma Rousseff’s first term. The paper puts forward two novelties. First, a database synthesizing the information from the curricula of the abovementioned individuals. Second, modern literature in the field of methodology of economics is used to categorize the educational backgrounds of those individuals with education in economics. Our general findings point to a differentiation between two types of members in the Board of Directors. The first type is the one generally recruited for the positions concerned with organizational issues within the Bank, and the second is usually the one that occupies posts directly related to the decision making of economic policies. However, we did not identify significant differences between the types of individuals chosen by PSDB and PT governments.