Published in 1997, an analysis of the regional development problem in Brazil from a monetary perspective. The author deals with the vicious circles generated in a country with strong regional disparities, emphasizing the link between real and financial problems. Some elements of dependency theory and of post-Keynesian monetary theory are adopted to create a new model which can cope with both financial and real problems in the same framework. State policies for the regions are also examined and the study finds that they are inadequate in the prevention of the vicious circles which lead to disparate regional growth.