Avoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substitute
Autor(a) principal: | |
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Data de Publicação: | 1994 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12211 |
Resumo: | The pattem of a classical hyperinflation is an acute acceleration of the inflation levei accompanied by rapid substitution away from domestic currency. Brazil, however, has becn experiencing inflation leveis well above 1,000% a year since 1988 without entering the classical hyperinflation path. Two elements play key roles in differcntiating the Brazilian case from other hyperinflationary experiences: indexation and the provision of a reliable domestic currency substitute, Le., the provision of liquidity to interest-bearing assets. This paper claims that the existence of this domestic currency substitute is lhe main source of both lhe inability of the Brazilian central bank to fight inflation and of the unwillingness of Brazilians to face the costs of such a fight. The provision of the domestic currency substitute through the banking sector is modeled, and the main macroeconomic consequences of this monetary regime are derived. Those are: the lack of a nominal anchor for the price system due to the passive monetary policy; the endogeneity of seignorage unlikc traditional models of hyperinflation; and lhe ineffectiveness of very high real interest rates. |
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Garcia, Márcio Gomes PintoEscolas::EPGEFGV2014-10-24T10:53:52Z2014-10-24T10:53:52Z1994-11-03http://hdl.handle.net/10438/12211The pattem of a classical hyperinflation is an acute acceleration of the inflation levei accompanied by rapid substitution away from domestic currency. Brazil, however, has becn experiencing inflation leveis well above 1,000% a year since 1988 without entering the classical hyperinflation path. Two elements play key roles in differcntiating the Brazilian case from other hyperinflationary experiences: indexation and the provision of a reliable domestic currency substitute, Le., the provision of liquidity to interest-bearing assets. This paper claims that the existence of this domestic currency substitute is lhe main source of both lhe inability of the Brazilian central bank to fight inflation and of the unwillingness of Brazilians to face the costs of such a fight. The provision of the domestic currency substitute through the banking sector is modeled, and the main macroeconomic consequences of this monetary regime are derived. Those are: the lack of a nominal anchor for the price system due to the passive monetary policy; the endogeneity of seignorage unlikc traditional models of hyperinflation; and lhe ineffectiveness of very high real interest rates.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessAvoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substituteinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaInflação - Brasilreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000083923.pdf000083923.pdfapplication/pdf1320436https://repositorio.fgv.br/bitstreams/4c4c7c13-937e-4f8c-b1c7-71882a899e1e/download645e7ba2f505acb7d8ce6578f31cdbf7MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
Avoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substitute |
title |
Avoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substitute |
spellingShingle |
Avoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substitute Garcia, Márcio Gomes Pinto Economia Inflação - Brasil |
title_short |
Avoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substitute |
title_full |
Avoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substitute |
title_fullStr |
Avoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substitute |
title_full_unstemmed |
Avoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substitute |
title_sort |
Avoiding some costs of inflation and crawling toward hyperinflation: the case of the Brazilian domestic currency substitute |
author |
Garcia, Márcio Gomes Pinto |
author_facet |
Garcia, Márcio Gomes Pinto |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Garcia, Márcio Gomes Pinto |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Inflação - Brasil |
dc.subject.bibliodata.por.fl_str_mv |
Inflação - Brasil |
description |
The pattem of a classical hyperinflation is an acute acceleration of the inflation levei accompanied by rapid substitution away from domestic currency. Brazil, however, has becn experiencing inflation leveis well above 1,000% a year since 1988 without entering the classical hyperinflation path. Two elements play key roles in differcntiating the Brazilian case from other hyperinflationary experiences: indexation and the provision of a reliable domestic currency substitute, Le., the provision of liquidity to interest-bearing assets. This paper claims that the existence of this domestic currency substitute is lhe main source of both lhe inability of the Brazilian central bank to fight inflation and of the unwillingness of Brazilians to face the costs of such a fight. The provision of the domestic currency substitute through the banking sector is modeled, and the main macroeconomic consequences of this monetary regime are derived. Those are: the lack of a nominal anchor for the price system due to the passive monetary policy; the endogeneity of seignorage unlikc traditional models of hyperinflation; and lhe ineffectiveness of very high real interest rates. |
publishDate |
1994 |
dc.date.issued.fl_str_mv |
1994-11-03 |
dc.date.accessioned.fl_str_mv |
2014-10-24T10:53:52Z |
dc.date.available.fl_str_mv |
2014-10-24T10:53:52Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12211 |
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http://hdl.handle.net/10438/12211 |
dc.language.iso.fl_str_mv |
eng |
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eng |
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Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
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reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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FGV |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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