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Macroeconomic policy regimes, real exchange rate overvaluation, and performance of the Brazilian economy (2003–2015)

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  • José Luis Oreiro
  • Luciano D’Agostini

Abstract

The objective of this article is to present a review of the workings of the macroeconomic policy regimes in Brazil since 2003 in order to show that both the macroeconomic policy tripod and the new macroeconomic matrix were not capable of ensuring macroeconomic stability in the medium- to long term due to their incapacity to avoid a persistent overvaluation of the real exchange rate or to stop the increasing trend in primary expenditures/gross domestic product, which produced a major fiscal crisis in 2015.

Suggested Citation

  • José Luis Oreiro & Luciano D’Agostini, 2017. "Macroeconomic policy regimes, real exchange rate overvaluation, and performance of the Brazilian economy (2003–2015)," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 40(1), pages 27-42, January.
    • Handle: RePEc:mes:postke:v:40:y:2017:i:1:p:27-42
    DOI: 10.1080/01603477.2016.1273070
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    Cited by:

    1. Jose Luis da Costa Oreiro & Stefan Wilson d'Amato & Luciano Luiz Manarin D'Agostini & Paulo Sergio de Oliveira Simoes Gala, 2022. "Measuring the technological backwardness of middle-and low-income countries: The employment quality gap and its relationship with the per capita income gap," PSL Quarterly Review, Economia civile, vol. 75(301), pages 139-159.
    2. Oreiro, José L. & da Silva, Kalinka M. & Dávila-Fernández, Marwil J., 2020. "A New Developmentalist model of structural change, economic growth and middle-income traps," Structural Change and Economic Dynamics, Elsevier, vol. 55(C), pages 26-38.
    3. Eduardo Mantoan & Vinícius Centeno & Carmem Feijo, 2021. "Why has the Brazilian economy stagnated in the 2010s? A Minskyan analysis of the behavior of non-financial companies in a financialized economy," Review of Evolutionary Political Economy, Springer, vol. 2(3), pages 529-550, December.

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