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Inflation targeting in Brazil: 1999-2006

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Author Info

  • Nelson Barbosa-Filho

Abstract

This paper describes the Brazilian experience with inflation targeting in 1999-2006. The data presented in the paper show that inflation targeting managed to reduce inflation in Brazil after its 1999 and 2002 currency crises, with a substantial help of exchange-rate appreciation. The data also show that economic growth was slow under inflation targeting than during exchange-rate targeting in Brazil, but with a smaller volatility and an apparent upward trend during inflation targeting than during exchange-rate targeting. The paper also shows that inflation targeting reduced the real interest rate of the economy, which nevertheless remained well above international standards and more than three times higher than the Brazilian gross domestic product growth rate.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/02692170701880684
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 22 (2008)
Issue (Month): 2 ()
Pages: 187-200

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Handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:187-200

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Related research

Keywords: Brazil; inflation targeting; monetary policy; exchange rate;

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Citations

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Cited by:
  1. Roberto Frankel & Martín Rapetti, 2010. "A Concise History of Exchange Rate Regimes in Latin America," CEPR Reports and Issue Briefs 2010-11, Center for Economic and Policy Research (CEPR).
  2. Franklin Serrano & Ricardo Summa, 2011. "Macroeconomic Policy, Growth and Income Distribution in the Brazilian Economy in the 2000s," CEPR Reports and Issue Briefs 2011-13, Center for Economic and Policy Research (CEPR).
  3. Epstein, Gerald, 2009. "Rethinking monetary and financial policy : practical suggestions for monitoring financial stability while generating employment and poverty reduction," ILO Working Papers 434439, International Labour Organization.
  4. Juan Antonio Montecino & Jose Antonio Cordero, 2010. "Capital Controls and Monetary Policy in Developing Countries," CEPR Reports and Issue Briefs 2010-10, Center for Economic and Policy Research (CEPR).
  5. Alex Segura-Ubiergo, 2012. "The Puzzle of Brazil's High Interest Rates," IMF Working Papers 12/62, International Monetary Fund.
  6. Frenkel, Roberto & Rapetti, Martín, 2012. "Exchange rate regimes in the major Latin American countries since the 1950s: lessons from history," Revista de Historia Económica, Cambridge University Press, vol. 30(01), pages 157-188, March.
  7. Glocker, Ch. & Towbin P., 2012. "The Macroeconomic Effects of Reserve Requirements," Working papers 374, Banque de France.
  8. André Roncaglia de Carvalho, 2013. "Inflation, structural change and conflict in post-disinflation Brazil: a structuralist appraisal," Working Papers, Department of Economics 2013_25, University of São Paulo (FEA-USP).
  9. Gerald Epstein, 2009. "Rethinking Monetary and Financial Policy: Practical suggestions for monitoring financial stability while generating employment and poverty reduction," Published Studies ilo_epstein11_09, Political Economy Research Institute, University of Massachusetts at Amherst.
  10. Carlos A. Carrasco & Jesus Ferreiro, 2013. "Inflation targeting in Mexico," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 35(3), pages 341-372, April.
  11. James Heintz & Léonce Ndikumana, 2010. "Working Paper 108 - Is there a Case for Formal Inflation Targeting in Sub-Saharan Africa?," Working Paper Series 245, African Development Bank.
  12. James Heintz & Léonce Ndikumana, 2010. "Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?," Working Papers wp218, Political Economy Research Institute, University of Massachusetts at Amherst.

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