Resumo

FERRARI-FILHO, Fernando  e  PAULA, Luiz Fernando de. The legacy of the Real Plan and an alternative agenda for the Brazilian economy. Inv. Econ [online]. 2003, vol.62, n.244, pp.57-92. ISSN 0185-1667.

The Real Plan is thought to be the most successful plan for economic stabilization Brazil has implemented recently, in relation to the economy's prime objective of reducing and controlling inflation. Although the incontrovertible success of the Real Plan is evidenced in price stabilization, the Plan as a whole has actually been a failure when viewed in the light of Brazil's poor economic performance through-out the real period. This paper has two objectives. Firstly, it aims to analyze the reasons for the Real Plan's success (in reduction and control of the inflation rate), and reasons for the Plan's failure (in low economic growth, high unemployment, and macroeconomic instability in the form of fiscal budget and balance of payments deficits). In this regard, the paper shows that the Brazilian stabilization policy, during the real period, has caused an increase in fiscal imbalances and balance of payments deficits; and that these disequilibria have resulted in constraints that will continue to affect the recovery of Brazil's economic growth, in the medium and long term. The second objective of this paper is to present an Economic Agenda that will control inflation and promote sustainable economic growth in Brazil.

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