Suchergebnisse

The balance-of-payment crisis literature can offer the basis to understand the current economic turmoil in Brazil. According to the author's calculations, the real exchange rate requires a 15% to 20% devaluation so as to assure that the intertemporal balance-of-payments constraint is not violated. Such appreciated currency imposes a heavy burden on monetary policy: Covered interest parity implies high real domestic interest rates in order to finance the current account. Yet the existence of a large budget deficit imposes objective limits on the use of interest rates as a means to defend the currency. (Rev Econ Polit/DÜI)

Examines the principal macroeconomic challenges for the country as a member of the European Union, focusing on anti-inflationary credibility, fiscal discipline, economic stabilization, structural reforms, and unemployment; Portugal.

Estado, regime fiscal e ordem monetária: qual estado? / Lourdes Sola -- Reformas econômicas: o eixo federativo e as novas coalizões / Guilherme Leite da Silva Dias --A questão da estabilização nos anos 80: um enfoque institucional / Leda Maria Paulani -- Modernização incompleta e pactos políticos no brasil / Luiz Carlos Bresser Pereira -- Transição política e crise de estado / Basílio Sallum Júnior -- Além do corporativismo: interesses organizados e democratização / Maria Hermínia Tavares de Almeida -- Mudança socio-cultural e participação política nos anos 80 / Ruth Correa Cardoso -- Repensando a política social: dos anos 80 ao início dos 90 / Sonia Míriam Draibe -- Reformas políticas e ordenamento institucional / Maria Tereza Sadek -- Ciência e tecnologia na década perdida: o que aprendemos? / Simon Schwartzman -- Novos padrões de pensamento estratégico no Brasil / Braz Araújo.

This paper reviews the principal neo-liberal policy measures implemented in Latin America in the last decade and their impact on equity. It first emphasizes the difficulty of separating the repercussions of liberalization measures from the necessary fiscal adjustments of the 1980s, and their transitional versus long run effects, and then places the observed tendencies in distribution in a global and cyclical context. The second part looks at neo-liberal innovations in historical perspective and argues that their overall impact is unlikely to be regressive. Over the long run, developments in factor markets will prove to be of overriding importance in determining the evolution of the distribution of income. (Rev Econ Polit/DÜI)

This paper proposes a change in public debt policy, based on the placement of new bonds with maturities between 1 and 30 years. It is shown that if all the internal public debt were transformed into a debt of 7 years, paid through a monthly fix payment, with an interest rate of 12% in US$ and a clause for payment in foreign currency, the primary surplus of the Federal Government required for internal public debt service and payments of interests on external public debt could be less than 2.5% of GDP. It is concluded that, under certain conditions, Brazil could adopt a stabilization plan with a fiscal and monetary toughness very similar to that of the Convertibility Plan adopted in Argentina in 1991. (Rev Econ Polit/DÜI)