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Real Plan and foreign exchange anchor

Author

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  • Maria Luiza Falcão Silva

    (Professora do Departamento de Economia da Universidade de Brasília – UnB, Brasília/DF, Brasil.)

Abstract

Recently, a number of Latin American countries with high inflation and various kinds of imbalances have experienced disinflation stabilisation programmes. Brasil implemented in July 1994 the Real Plan — an exchange-rate-based stabilisation experiment. This paper revisits this experience examining the main reasons for the collapse of the exchangerate regime, in January 1999, from alternative theoretical points of view. What emerges from the paper is the conclusion that most of the “new” arguments presented to explain the Brazilian currency crisis are arguments used in the past by heterodox theorists. JEL Classification: E31; N16.

Suggested Citation

  • Maria Luiza Falcão Silva, 2002. "Real Plan and foreign exchange anchor," Brazilian Journal of Political Economy, Center of Political Economy, vol. 22(3), pages 387-407, July.
    • Handle: RePEc:ekm:repojs:v:22:y:2002:i:3:id:95822
    DOI: 10.1590/0101-31572002-1240
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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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