<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672003000100057</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The legacy of the Real Plan and an alternative agenda for the Brazilian economy]]></article-title>
<article-title xml:lang="es"><![CDATA[El legado del Plan Real y una agenda alternativa para la economía brasileña]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ferrari-Filho]]></surname>
<given-names><![CDATA[Fernando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Paula]]></surname>
<given-names><![CDATA[Luiz Fernando de]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Federal University of Rio Grande do Sul  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,University of the State of Rio de Janeiro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2003</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2003</year>
</pub-date>
<volume>62</volume>
<numero>244</numero>
<fpage>57</fpage>
<lpage>92</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672003000100057&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672003000100057&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672003000100057&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: 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.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El Plan Real es considerado el plan más exitoso de estabilización económica que Brasil ha experimentado recientemente en relación a su principal objetivo económico de reducir y controlar la tasa de inflación del país. Mientras el incontrovertible éxito del Plan Real es evidenciado por la estabilización de precios, el Plan, como un todo, ha sido, en realidad, un fracaso cuando vemos el pobre desempeño económico brasileño durante el período del real. Este artículo tiene dos objetivos. Primero, procura analizar las razones del éxito del Plan Real (una reducción y control de la tasa de inflación) y las razones del fracaso del Plan (bajo crecimiento económico, alto desempleo e inestabilidad macroeconómica en la forma de déficits en el presupuesto fiscal y en la balanza de pagos). En este contexto, el artículo muestra que la política de estabilización brasileña, durante el período del real, ha causado un incremento del déficit fiscal y del déficit de balanza de pagos, y que éste desequilibrio ha resultado en restricciones que continuaran como efecto de la recuperación del crecimiento económico brasileño en el mediano y largo plazo. El segundo objetivo de este artículo es presentar una agenda económica que controle la inflación y promueva un crecimiento económico sustentable en Brasil.]]></p></abstract>
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