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The Brazilian Crisis: From Inertial Inflation to Fiscal Fragility

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  • Jan Kregel

Abstract

This paper argues that the Brazilian crisis differs from the standard Minsky crisis in that it is Brazil's government that is engaging in Ponzi financing while private sector balance sheets are relatively robust. However, attempts to stabilize the economy through high interest rates and expenditure cuts may quickly produce private sector fragility. This is the dilemma faced by Brazilian economic policy today

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  • Jan Kregel, 2000. "The Brazilian Crisis: From Inertial Inflation to Fiscal Fragility," Economics Working Paper Archive wp_294, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_294
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