Exchange rate based stabilization plans: the Brazilian experience with a target zone regime
Autor(a) principal: | |
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Data de Publicação: | 1998 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Economia Aplicada |
Texto Completo: | https://www.revistas.usp.br/ecoa/article/view/217745 |
Resumo: | This paper analyzes Brazil's recent experience with an exchange rate based stabilization program, the Piano Real, its development and future possibilities. The feature of using the exchange rate as an anchor in a disinflation program and the role ofits credibility and its interaction with expectations regarding the sustainability and political feasibility of government stabilization policies are examined. Finally, the problems that have arisen while establishing new institutional arrangements, such as a new currency or a policy rule for monetary base creation, and the evolution ofthe main economic indicators, during and after the implementation ofthe program, are briefly discussed in an attemptto draw from this stabilization experiment lessons for the future. The effects ofthe Mexican crisis of December 1994 upon the performance ofthe Brazilian economy are also emphasized. |
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Economia Aplicada |
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Exchange rate based stabilization plans: the Brazilian experience with a target zone regimeReal Planstabilization policiescredibilityexchange rate based stabilization programsThis paper analyzes Brazil's recent experience with an exchange rate based stabilization program, the Piano Real, its development and future possibilities. The feature of using the exchange rate as an anchor in a disinflation program and the role ofits credibility and its interaction with expectations regarding the sustainability and political feasibility of government stabilization policies are examined. Finally, the problems that have arisen while establishing new institutional arrangements, such as a new currency or a policy rule for monetary base creation, and the evolution ofthe main economic indicators, during and after the implementation ofthe program, are briefly discussed in an attemptto draw from this stabilization experiment lessons for the future. The effects ofthe Mexican crisis of December 1994 upon the performance ofthe Brazilian economy are also emphasized.Universidade de São Paulo, FEA-RP/USP1998-02-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ecoa/article/view/21774510.11606/1413-8050/ea217745Economia Aplicada; Vol. 2 Núm. 1 (1998); 31-64Economia Aplicada; Vol. 2 No. 1 (1998); 31-64Economia Aplicada; v. 2 n. 1 (1998); 31-641980-53301413-8050reponame:Economia Aplicadainstname:Universidade de São Paulo (USP)instacron:USPenghttps://www.revistas.usp.br/ecoa/article/view/217745/199098Copyright (c) 1998 Economia Aplicadahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessSilva, Maria Luiza Falcão Torrance, Thomas S. 2023-10-26T13:13:56Zoai:revistas.usp.br:article/217745Revistahttps://www.revistas.usp.br/ecoaPUBhttps://www.revistas.usp.br/ecoa/oai||revecap@usp.br1980-53301413-8050opendoar:2023-10-26T13:13:56Economia Aplicada - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Exchange rate based stabilization plans: the Brazilian experience with a target zone regime |
title |
Exchange rate based stabilization plans: the Brazilian experience with a target zone regime |
spellingShingle |
Exchange rate based stabilization plans: the Brazilian experience with a target zone regime Silva, Maria Luiza Falcão Real Plan stabilization policies credibility exchange rate based stabilization programs |
title_short |
Exchange rate based stabilization plans: the Brazilian experience with a target zone regime |
title_full |
Exchange rate based stabilization plans: the Brazilian experience with a target zone regime |
title_fullStr |
Exchange rate based stabilization plans: the Brazilian experience with a target zone regime |
title_full_unstemmed |
Exchange rate based stabilization plans: the Brazilian experience with a target zone regime |
title_sort |
Exchange rate based stabilization plans: the Brazilian experience with a target zone regime |
author |
Silva, Maria Luiza Falcão |
author_facet |
Silva, Maria Luiza Falcão Torrance, Thomas S. |
author_role |
author |
author2 |
Torrance, Thomas S. |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Silva, Maria Luiza Falcão Torrance, Thomas S. |
dc.subject.por.fl_str_mv |
Real Plan stabilization policies credibility exchange rate based stabilization programs |
topic |
Real Plan stabilization policies credibility exchange rate based stabilization programs |
description |
This paper analyzes Brazil's recent experience with an exchange rate based stabilization program, the Piano Real, its development and future possibilities. The feature of using the exchange rate as an anchor in a disinflation program and the role ofits credibility and its interaction with expectations regarding the sustainability and political feasibility of government stabilization policies are examined. Finally, the problems that have arisen while establishing new institutional arrangements, such as a new currency or a policy rule for monetary base creation, and the evolution ofthe main economic indicators, during and after the implementation ofthe program, are briefly discussed in an attemptto draw from this stabilization experiment lessons for the future. The effects ofthe Mexican crisis of December 1994 upon the performance ofthe Brazilian economy are also emphasized. |
publishDate |
1998 |
dc.date.none.fl_str_mv |
1998-02-12 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/ecoa/article/view/217745 10.11606/1413-8050/ea217745 |
url |
https://www.revistas.usp.br/ecoa/article/view/217745 |
identifier_str_mv |
10.11606/1413-8050/ea217745 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/ecoa/article/view/217745/199098 |
dc.rights.driver.fl_str_mv |
Copyright (c) 1998 Economia Aplicada http://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 1998 Economia Aplicada http://creativecommons.org/licenses/by-nc/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo, FEA-RP/USP |
publisher.none.fl_str_mv |
Universidade de São Paulo, FEA-RP/USP |
dc.source.none.fl_str_mv |
Economia Aplicada; Vol. 2 Núm. 1 (1998); 31-64 Economia Aplicada; Vol. 2 No. 1 (1998); 31-64 Economia Aplicada; v. 2 n. 1 (1998); 31-64 1980-5330 1413-8050 reponame:Economia Aplicada instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Economia Aplicada |
collection |
Economia Aplicada |
repository.name.fl_str_mv |
Economia Aplicada - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
||revecap@usp.br |
_version_ |
1800221692845359104 |