Setting Up a Modern Macroeconomic Policy Framework in Brazil, 1993-2004

This paper keeps an eye on the big picture and follows the long‐lived virtuous circle that, beginning in the mid‐1990s, led to the very successful setting up of a modern macroeconomic policy framework in Brazil, after a decade‐long effort involving four presidential terms. It is an eventful and far...

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Bibliographic Details
Main Author:	Werneck, Rogério L. F.
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	ADJUSTMENT PROGRAM ANNUAL GROWTH BALANCE OF PAYMENTS BANKING SYSTEM BASIS POINTS BOND BOND INDEX BUDGET CONSTRAINT BUDGET CONSTRAINTS BUSINESS CONFIDENCE CENTRAL BANK CONSOLIDATION CONSUMER PRICE INFLATION CONSUMERS CORRUPTION COUNTRY RISK CRAWLING PEG CREDIBILITY CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT DEFAULT DEMOCRACY DEPRECIATION DEVALUATION DEVELOPING COUNTRIES DEVELOPMENT BANK DISBURSEMENT DISBURSEMENTS ECONOMIC GROWTH ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC RISK ECONOMIC SITUATION EMERGING MARKET EMERGING MARKET ECONOMY EMERGING MARKETS EXCHANGE RATE POLICY EXPENDITURE EXPENDITURES EXPORT DIVERSIFICATION EXPORTS EXTERNAL DEBT EXTERNAL FINANCING EXTERNAL SHOCKS FEDERAL BUDGET FEDERAL GOVERNMENT FINANCIAL ASSETS FINANCIAL MARKETS FISCAL ADJUSTMENT FISCAL AUSTERITY FISCAL POLICIES FISCAL POLICY FISCAL STABILITY FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN EXCHANGE POLICY GDP GLOBAL ECONOMY GROWTH RATE HIGH INFLATION IMPLICIT CONTRACT IMPORT IMPORT TARIFFS INDEXATION INFLATION INFLATION RATE INFLATION TARGETING INITIATIVE INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL RESERVES LEADERSHIP LEGAL FRAMEWORK LIQUIDITY LOAN LOAN AGREEMENT LOCAL GOVERNMENTS LOW-INCOME COUNTRIES MACROECONOMIC ENVIRONMENT MACROECONOMIC POLICY MACROECONOMICS MARKET POWER MILITARY REGIME MINISTER MINISTERS MONETARY POLICY NATURAL RESOURCES NET DEBT NOMINAL EXCHANGE RATE POLICE POLITICAL ECONOMY POLITICAL ECONOMY OF REFORM POLITICAL RISK POLITICAL STRIFE POLITICAL UNCERTAINTIES POLITICAL UNCERTAINTY POLITICIAN POLITICIANS POVERTY REDUCTION PRIVATIZATION PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC SECTOR REAL DEVALUATION REAL EXCHANGE RATE REAL EXCHANGE RATES RENEGOTIATION RENEGOTIATIONS RESERVES RETURN RISK PREMIUM SCANDAL SMALL BUSINESSES SPECULATIVE ATTACK STABILIZATION PLAN STATE BANK STATE BANKS STRUCTURAL ADJUSTMENT SURPLUS TARIFF REDUCTION TAX TAX HIKES TRADE ACCOUNTS TRADE BALANCE TRADE SURPLUS VOTERS WORLD DEMAND WORLD ECONOMY
Online Access:	http://documents.worldbank.org/curated/en/639411468016784260/Setting-up-a-modern-macroeconomic-policy-framework-in-Brazil-1993-2004 http://hdl.handle.net/10986/27928

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Summary:	This paper keeps an eye on the big picture and follows the long‐lived virtuous circle that, beginning in the mid‐1990s, led to the very successful setting up of a modern macroeconomic policy framework in Brazil, after a decade‐long effort involving four presidential terms. It is an eventful and far from linear history that calls attention to the role of leadership and the complex learning processes that may be involved in the improvement of the quality of economic policy.

Setting Up a Modern Macroeconomic Policy Framework in Brazil, 1993-2004

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