Notes on the brazilian crisis of 1997-99
By: LOPES, Francisco L
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ArticlePublisher: São Paulo : Editora 34, jul./set. 2003Revista de Economia Política = Brazilian Journal of Political Economy 23, 3, p. 35-62Abstract: 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 years drama ended surprisingly well with a benign float, but it is useful to know its details, with the usual mix of economic debate, personality clashes and historical fatality
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 years drama ended surprisingly well with a benign float, but it is useful to know its details, with the usual mix of economic debate, personality clashes and historical fatality
Revista de Economia Política
Julho-Setembro 2003
v. 23, n. 3(91)
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