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Brazil

In: Macroeconomic Volatility, Institutions and Financial Architectures

Author

Listed:
  • Francisco Eduardo Pires Souza
  • Getúlio Borges Silveira Filho
  • Fernando J. Cardim Carvalho

Abstract

The debt crisis of 1981–82 initiated an era of instability and crises in the Brazilian economy. It was the result of a sudden stop of capital flows combined with a strong deterioration in the terms of trade. External adjustment to that shock dramatically aggravated domestic imbalances. Inflation soared, and several stabilization plans failed until the Real Plan was eventually successful in 1994. Reforms that preceded that plan, and were intensified after its launching, had mixed results. Despite undeniable improvements in institutions and policies, sustained growth at high rates was not resumed until the first years of the new century. Moreover, although volatility was lower than in the 1980s, it remained high in several aspects. With regard to the general objective of the research project – the relationship between volatility and macroeconomic performance, exploring the way volatility affects institutions and conversely – there are three issues that seem particularly relevant to the Brazilian experience.

Suggested Citation

  • Francisco Eduardo Pires Souza & Getúlio Borges Silveira Filho & Fernando J. Cardim Carvalho, 2008. "Brazil," Palgrave Macmillan Books, in: José María Fanelli (ed.), Macroeconomic Volatility, Institutions and Financial Architectures, chapter 10, pages 253-282, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59018-2_10
    DOI: 10.1057/9780230590182_10
    as

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