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Notes on the brazilian crisis of 1997-99

Author

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  • Francisco L. Lopes

Abstract

This paper deals with the Brazilian crisis of 1997-98 that lead to the exchange rate floating of January 1999. It starts by showing how exchange rate policy evolved since the Real Plan of 1994 and how the exchange rate regime became a critical issue when the crisis started in 1997. It discusses monetary policy during the crisis, the IMF program, the endogenous diagonal band and the decision to float as an alternative to capital controls and default. This five-year drama ended surprisingly well with a benign float, but it is useful to know its details, with the usual mix of economic de- bate, personality clashes and historical fatality. JEL Classification: N16; F0; E4.

Suggested Citation

  • Francisco L. Lopes, 2003. "Notes on the brazilian crisis of 1997-99," Brazilian Journal of Political Economy, Center of Political Economy, vol. 23(3), pages 376-404.
    • Handle: RePEc:ekm:repojs:v:23:y:2003:i:3:p:376-404:id:905
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/905/2105
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    Citations

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    Cited by:

    1. Lima, Elcyon Caiado & Maka, Alexis & Céspedes, Brisne, 2008. "Monetary Policy, Inflation and the Level of Economic Activity in Brazil After the Real Plan: Stylized Facts from SVAR Models," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 62(2), October.
    2. Adriana Soares Sales & Maria Eduarda Tannuri-Pianto, 2007. "Explaining Bank Failures in Brazil: Micro, Macro and Contagion Effects (1994-1998)," Working Papers Series 147, Central Bank of Brazil, Research Department.
    3. Elcyon C. R. Lima & Alexis Maka & Mário Mendonça, 2007. "Monetary Policy Regimes in Brazil," Discussion Papers 1285, Instituto de Pesquisa Econômica Aplicada - IPEA.

    More about this item

    Keywords

    Brazilian crisis of 1997-98; exchange rate policy; Real Plan of 1994; endogenous diagonal band; decision to float;
    All these keywords.

    JEL classification:

    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • F0 - International Economics - - General
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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