Leonardo Aparecido Santos Silva

The deregulation process that began in the late sixties allowed financial institutions act in several markets over the years, something that had been forbidden by the bank targeting Glass-Steagall in the 1930. The same time, with the greatest freedom in the financial market, there were a number of financial innovations, which made the most dynamic banking activities, Such as securitization and financial derivatives. From this point of view, the model originated to distribute, which meant the transfer of the securities originated by the banks being distributed to other financial institutions, thus the Shadow Banking System (process innovation) emerged. This shadow system was also used as a way for banks to escape regulatory taxes and prudential regulation agreements, such as Basel. The general objective of this dissertation is to make a descriptive historical analysis of the process of bank deregulation in the USA, until the emergence of the Shadow Banking System and the outbreak of the financial crisis, based on Minsky's view. As a methodological procedure, the work has a descriptive research, with qualitative approach. As predicted by financial Keynesianism, one of the main results of this work was that the process of financial deregulation increased the instability of the US financial system, with the banking system expanding its operations towards speculative markets without the guarantees of the organs Regulators of financial activities, becoming dependent on the liquidity of the private sector. In this way, the crisis started in the subprime segment has contaminated other markets, leading the country to a major financial crisis.