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This paper investigates the effects of the great financial crisis on the behavior of the Brazilian credit market through a panel of 101 Brazilian banks. For that, we measure the amount of cash involved in the credit activity in the different segments that compound the Brazilian financial system. The results show that: (i) the crisis did not change the relationship between the credit market and the credit risk, regarding the Brazilian financial system as a whole; (ii) both the state-owned and the private-owned segments of the financial system were significantly affected by the crisis, but in opposite directions. While the private segment extracted cash from the credit portfolio, reacting to the worsening in credit risk, the state-owned segment injected cash in the credit portfolio, acting counter-cyclically and compensating the private reaction. [ABSTRACT FROM AUTHOR]