Franklin and Ricardo Serrano * **
Summa
In terms of its essential features of macroeconomic policy adopted in Brazil is basically the same since 1999
This framework, known as the tripod of economic policy, is, as is well known, a policy of inflation targeting, a (very "dirty") exchange rate regime and a floating specific goal (and quite large) in surplus primary. However, despite this element of continuity of macroeconomic policy framework, the performance of the Brazilian economy in the first half of the decade was not impressive (to say the least), but improved considerably since 2006.
The purpose of this paper is to show that the interaction between the large changes in external conditions facing the economy (since 2003) and small changes in the orientation of national economic policy (after 2005) explain the improved control inflation, the recovery of more satisfactory rates of economic (GDP) and the strong improvement in the distribution income and reducing poverty in the second half of the decade. The change in policy orientation explains the relatively moderate economic contraction and the rapid and strong economic recovery after the peak of the global crisis that hit Brazil in late 2008.
The next three sections briefly discuss, respectively: the performance of inflation targeting system in Brazil (Section II), the record of economic growth (Section III), and changes in income distribution and poverty reduction (Section IV).
A discussion of the difficulties the economy Brazil faces in the decade of 2010 is made in section (V), followed by a brief discussion of policy alternatives (Section VI) and concluding remarks (Section VII).
* Associate Professor, Instituto de Economia, Universidade Federal do Rio de Janeiro, Brazil. ** Assistant Professor
, Institute of Economics, Universidade Federal do Rio de Janeiro, Brazil.
To read the work:
In English
In Portuguese
0 comments:
Post a Comment