Os estados de reformas defasadas e a questao da desvalorizacao: a reacao da Venezuela aos choques exogenos de 1997-98

In: Brazilian journal of political economy: Revista de economia política, Band 21, Heft 83, S. 195-225

Abstract

Having just completed its second consecutive "lost decade", the Venezuelan case confirms that there are no short cuts to sound political economic management in the era of high capital mobility and securitized capital flows. The maintenance of a muddling-through exchange rate strategy has triumphed, at least for the time being, and enabled an elite executive-level coalition to prevail in pursuing a less than optimal macroeconomic policy. The author argues that Venezuela has avoided a full-blown Mexican or Brazilian-style devaluation by virtue of the Central Bank's ability to effectively manage the exchange rate. (Rev Econ Pol/DÜI)