A turning point in the debt crisis: Brazil, the US Treasury and the World Bank
Autor(a) principal: | |
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Data de Publicação: | 1999 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Revista de Economia Política |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000200350 |
Resumo: | ABSTRACT This paper is an account of the Brazilian 1987 negotiation of the debt crisis, that represented a turning point in the history of this world financial crisis. When the author assumed the Finance Ministry of Brazil, in April l997, the country was in moratorium. The minister, after consulting international bankers, economists and state officials, prepared a proposal for solving the problem that was based in two key ideas: the securitization of the debt with a discount, and the relative delinkage between IMF and the commercial banks in the negotiations. In September 1997 the proposal received from the Secretary of the Treasury, James Baker, a public “non starter” answer, but given the interest it immediately arose in the international financial community, eighteen months later the Brady Plan, that established the parameters for solving the debt crisis, had as core proposals these two ideas. |
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A turning point in the debt crisis: Brazil, the US Treasury and the World BankPublic debtexternal debtstabilization policiesBresser PlanBrady bondsABSTRACT This paper is an account of the Brazilian 1987 negotiation of the debt crisis, that represented a turning point in the history of this world financial crisis. When the author assumed the Finance Ministry of Brazil, in April l997, the country was in moratorium. The minister, after consulting international bankers, economists and state officials, prepared a proposal for solving the problem that was based in two key ideas: the securitization of the debt with a discount, and the relative delinkage between IMF and the commercial banks in the negotiations. In September 1997 the proposal received from the Secretary of the Treasury, James Baker, a public “non starter” answer, but given the interest it immediately arose in the international financial community, eighteen months later the Brady Plan, that established the parameters for solving the debt crisis, had as core proposals these two ideas.Centro de Economia Política1999-04-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000200350Brazilian Journal of Political Economy v.19 n.2 1999reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/0101-31571999-1031info:eu-repo/semantics/openAccessBRESSER-PEREIRA,LUIZ CARLOSeng2022-04-25T00:00:00Zoai:scielo:S0101-31571999000200350Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2022-04-25T00:00Revista de Economia Política - EDITORA 34false |
dc.title.none.fl_str_mv |
A turning point in the debt crisis: Brazil, the US Treasury and the World Bank |
title |
A turning point in the debt crisis: Brazil, the US Treasury and the World Bank |
spellingShingle |
A turning point in the debt crisis: Brazil, the US Treasury and the World Bank BRESSER-PEREIRA,LUIZ CARLOS Public debt external debt stabilization policies Bresser Plan Brady bonds |
title_short |
A turning point in the debt crisis: Brazil, the US Treasury and the World Bank |
title_full |
A turning point in the debt crisis: Brazil, the US Treasury and the World Bank |
title_fullStr |
A turning point in the debt crisis: Brazil, the US Treasury and the World Bank |
title_full_unstemmed |
A turning point in the debt crisis: Brazil, the US Treasury and the World Bank |
title_sort |
A turning point in the debt crisis: Brazil, the US Treasury and the World Bank |
author |
BRESSER-PEREIRA,LUIZ CARLOS |
author_facet |
BRESSER-PEREIRA,LUIZ CARLOS |
author_role |
author |
dc.contributor.author.fl_str_mv |
BRESSER-PEREIRA,LUIZ CARLOS |
dc.subject.por.fl_str_mv |
Public debt external debt stabilization policies Bresser Plan Brady bonds |
topic |
Public debt external debt stabilization policies Bresser Plan Brady bonds |
description |
ABSTRACT This paper is an account of the Brazilian 1987 negotiation of the debt crisis, that represented a turning point in the history of this world financial crisis. When the author assumed the Finance Ministry of Brazil, in April l997, the country was in moratorium. The minister, after consulting international bankers, economists and state officials, prepared a proposal for solving the problem that was based in two key ideas: the securitization of the debt with a discount, and the relative delinkage between IMF and the commercial banks in the negotiations. In September 1997 the proposal received from the Secretary of the Treasury, James Baker, a public “non starter” answer, but given the interest it immediately arose in the international financial community, eighteen months later the Brady Plan, that established the parameters for solving the debt crisis, had as core proposals these two ideas. |
publishDate |
1999 |
dc.date.none.fl_str_mv |
1999-04-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000200350 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31571999000200350 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
10.1590/0101-31571999-1031 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Centro de Economia Política |
publisher.none.fl_str_mv |
Centro de Economia Política |
dc.source.none.fl_str_mv |
Brazilian Journal of Political Economy v.19 n.2 1999 reponame:Revista de Economia Política instname:EDITORA 34 instacron:EDITORA_34 |
instname_str |
EDITORA 34 |
instacron_str |
EDITORA_34 |
institution |
EDITORA_34 |
reponame_str |
Revista de Economia Política |
collection |
Revista de Economia Política |
repository.name.fl_str_mv |
Revista de Economia Política - EDITORA 34 |
repository.mail.fl_str_mv |
||cecilia.heise@bjpe.org.br |
_version_ |
1754122479353200640 |