During the period 1947-66, Brazil lacked developed mechanisms to finance and fund accumulation. Long-term finance was limited to two government banks, whereas private lending institutions confined their operations to short-term loans for working capital. Financial markets were poorly developed and dealt in few securities. Finally, access to foreign loans was limited to official loans from governments and multilateral agencies. Despite the shortcomings of the financial structure, the Brazilian economy grew 7 per cent per year on average and investment over gross national product (GNP) was 15 per cent between 1947 and 1961. This extraordinary growth changed the economy from a primary exporter with a nascent non-durables industrial sector into a relatively mature economy with a small import coefficient, diversified consumer non-durables and durables sectors and a budding capital goods sector.