Credibility and reputation: an application of the "external circumstances" model for the Real Plan

Detalhes bibliográficos
Autor(a) principal: Tejada,César A. O.
Data de Publicação: 2002
Outros Autores: Portugal,Marcelo S.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402002000400006
Resumo: This paper analyzes credibility and reputation aspects of the Brazilian economic policy between August 1994 and December 1998. It uses an ''external circumstances'' model, which can be applied to countries with fixed or crawling-peg exchange rate policies. The model assumes that no government can conduct its economic policy with the single objective of inflation control, thoroughly ignoring the unemployment and growth paths. Therefore, in the presence of ''external circumstances'' (unexpected exogenous shocks) even a strong anti-inflationary government can be forced to devalue its exchange rate. The results here show that the government followed a consistent policy with inflation control while allowing for a gradual recovery of the competitiveness level.
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spelling Credibility and reputation: an application of the "external circumstances" model for the Real PlancredibilityinflationcompetitivenessReal PlanThis paper analyzes credibility and reputation aspects of the Brazilian economic policy between August 1994 and December 1998. It uses an ''external circumstances'' model, which can be applied to countries with fixed or crawling-peg exchange rate policies. The model assumes that no government can conduct its economic policy with the single objective of inflation control, thoroughly ignoring the unemployment and growth paths. Therefore, in the presence of ''external circumstances'' (unexpected exogenous shocks) even a strong anti-inflationary government can be forced to devalue its exchange rate. The results here show that the government followed a consistent policy with inflation control while allowing for a gradual recovery of the competitiveness level.Fundação Getúlio Vargas2002-10-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402002000400006Revista Brasileira de Economia v.56 n.4 2002reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGV10.1590/S0034-71402002000400006info:eu-repo/semantics/openAccessTejada,César A. O.Portugal,Marcelo S.eng2003-06-30T00:00:00Zoai:scielo:S0034-71402002000400006Revistahttp://bibliotecadigital.fgv.br/ojs/index.php/rbe/issue/archivehttps://old.scielo.br/oai/scielo-oai.php||rbe@fgv.br1806-91340034-7140opendoar:2003-06-30T00:00Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)false
dc.title.none.fl_str_mv Credibility and reputation: an application of the "external circumstances" model for the Real Plan
title Credibility and reputation: an application of the "external circumstances" model for the Real Plan
spellingShingle Credibility and reputation: an application of the "external circumstances" model for the Real Plan
Tejada,César A. O.
credibility
inflation
competitiveness
Real Plan
title_short Credibility and reputation: an application of the "external circumstances" model for the Real Plan
title_full Credibility and reputation: an application of the "external circumstances" model for the Real Plan
title_fullStr Credibility and reputation: an application of the "external circumstances" model for the Real Plan
title_full_unstemmed Credibility and reputation: an application of the "external circumstances" model for the Real Plan
title_sort Credibility and reputation: an application of the "external circumstances" model for the Real Plan
author Tejada,César A. O.
author_facet Tejada,César A. O.
Portugal,Marcelo S.
author_role author
author2 Portugal,Marcelo S.
author2_role author
dc.contributor.author.fl_str_mv Tejada,César A. O.
Portugal,Marcelo S.
dc.subject.por.fl_str_mv credibility
inflation
competitiveness
Real Plan
topic credibility
inflation
competitiveness
Real Plan
description This paper analyzes credibility and reputation aspects of the Brazilian economic policy between August 1994 and December 1998. It uses an ''external circumstances'' model, which can be applied to countries with fixed or crawling-peg exchange rate policies. The model assumes that no government can conduct its economic policy with the single objective of inflation control, thoroughly ignoring the unemployment and growth paths. Therefore, in the presence of ''external circumstances'' (unexpected exogenous shocks) even a strong anti-inflationary government can be forced to devalue its exchange rate. The results here show that the government followed a consistent policy with inflation control while allowing for a gradual recovery of the competitiveness level.
publishDate 2002
dc.date.none.fl_str_mv 2002-10-01
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=S0034-71402002000400006
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402002000400006
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/S0034-71402002000400006
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 Fundação Getúlio Vargas
publisher.none.fl_str_mv Fundação Getúlio Vargas
dc.source.none.fl_str_mv Revista Brasileira de Economia v.56 n.4 2002
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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