O fracasso do Plano Collor: erros de execução ou de concepção?

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O fracasso do Plano Collor: erros de execução ou de concepção?

Author Info

Carlos Eduardo Carvalho (PUC-SP)

Abstract

The failure of Collor Plan in stabilizing the Brazilian economy, in March 1990, is a neglected area in Brazilian economics. The liquidity blockade involving the majority of financial assets reduced inflation rates substantially, from 70% per month to 10% per month, but it rose again gradually to almost 20% per month in December. The return to high inflation was attributed to the government’s inability to manage a controlled lifting of the blockade, due to political and social pressure, as well as to some errors in the program implementation. This interpretation leads to the hypothesis that the liquidity blockade could have been successful if had it been correctly implemented and managed. This article argues the opposite thesis that the blockade failed because implementation was in fact impossible. Maintaining the strict imposition of the blockade rules would have paralysed the payment system and precipitated a very serious banking crisis.

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Publisher Info
Article provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its journal Economia.

Volume (Year): 4 (2003)
Issue (Month): 2 (July-December)
Pages: 283-331
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Handle: RePEc:anp:econom:v:4:y:2003:i:2:p:283-331

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Find related papers by JEL classification:
E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
N16 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Latin America; Caribbean
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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