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Recession and interest rates: Brazil in the early 1980s

Author

Listed:
  • Pérsio Arida

    (Departamento de Economia, Pontifícia Universidade Católica do Rio de Janeiro. Rio de Janeiro/RJ, Brasil.)

  • André Lara Resende

    (Departamento de Economia, Pontifícia Universidade Católica do Rio de Janeiro. Rio de Janeiro/ RJ, Brasil.)

Abstract

The Brazilian economy faces the deepest contraction in its economic activity ofthe last sixty years. The declining output per capita for the period 1980/83 merits comparisonwith that of the period 1928/33. Using semi-official, conservative more severe than thatof 1928/33. That current pression was unleashed by growing difficulties in meeting obligationsin foreign exchange is beyond doubt. This article argues that the present form of adjustmentto the external crisis is inadequate. The burden of external debt was needlesslymagnified by policies which erroneously identify the interest rate as the crucial adjustmentvariable. JEL Classification: F34; O40; E61.

Suggested Citation

  • Pérsio Arida & André Lara Resende, 1985. "Recession and interest rates: Brazil in the early 1980s," Brazilian Journal of Political Economy, Center of Political Economy, vol. 5(1), pages 3-18, January.
    • Handle: RePEc:ekm:repojs:v:5:y:1985:i:1:id:96545
    DOI: 10.1590/0101-31571985-1005
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    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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