SOAS University of London

Department of Economics

Carolina Alves

BA Economics (UNESP Brazil) MSc (UNICAMP Brazil)
  • Overview
  • Research


Carolina Cristina Alves
Ms Carolina Alves
Email address:
Thesis title:
Stabilisation or financialisation? Examining the dynamics of the Brazilian public debt
Year of Study:
Year of Entry: 2012 - 2013
Internal Supervisors

PhD Research

This thesis examines public debt in Brazil in the post-1994 period with specific emphasis on financialisation and the role of government bonds in this process. It argues that government bonds have assumed an even broader role in achieving a sound economy, as they are increasingly in demand as an instrument for devising monetary policy and consolidating the financial system. This role does not necessarily imply the existence of public sector deficits. Yet the state increases its own indebtedness in order to manage risks, liquidity and fluctuations arising from the volume and complexity of financial assets that financial markets produce, accumulate and trade. For this reason, there is in Brazil an endogenous deficit resulting from monetary policy.


  • Alves, C. (2017). Review of the book The Financialization Response to Economic Disequilibria: European and Latin American Experiences N Levy-Orlik and E Ortiz. Edward Elgar Publishing: Cheltenham UK, 2016. Economic Issues, 22.
  • Alves, C. et al. 2016. Synthesis Report: Empirical analysis for new ways of global engagement. Working Paper, no 163. Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.


  • Alves, C. Foreign exchange swaps and the case of financialisation of the state in Brazil. Conference on Foreign Exchange Swaps in the Money and Financial Markets. SOAS, University of London, 2017.
  • Alves, C. Policy and the Growth of International Finance. YSI Plenary: Piecing Together a Paradigm. Central European University. Budapest, Hungary. 2016
  • Alves, C. Revisiting credit system from the perspective of fictitious capital. Historical Materialism Twelfth Annual Conference. SOAS – University of London. London, UK. 2015.
  • Alves, C. Financialisation: an overview. XIX National Political Economy Society Conference: (Neo) desenvolvimentismo em Questão. Florianopolis, Santa Catarina Federal University, Brazil. 2014.
  • Alves, C. Financialisation process and public finances in Brazil from 1994 to 2003. IIPPE Fifth Annual Conference in Political Economy: The Crisis: Scholarship, Policies, Conflicts and Alternatives. Naples, Italy, 2014.


  • International Initiative for Promoting Political Economy – IIPPE
  • Sociedade de Economica Política – SEP/BR
  • The Latin American Council of Social Sciences – CLACSO
  • Association for Heterodox Economics – AHE
  • European Society for History of Economic Thought – ESHET
  • European Association for Evolutionary Political Economy – EAEPE


  • Macroeconomics
  • International Political Economy
  • Public Debt
  • Political Economy of Money and Finance
  • Marxist Economic Theory
  • Financialisation
  • Emerging economies