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The Men Running Brazil Still Don't Get It
| Content Provider | Semantic Scholar |
|---|---|
| Author | Barro, Robert J. |
| Copyright Year | 1999 |
| Abstract | THE MEN RUNNING BRAZIL STILL DON’T GET IT I t seems that I cause trouble whenever I Then the two most critical places would be go to Brazil. On my trip in August, 1996, Mexico, which might move next, and Brazil, I said that the government’s fiscal and which would likely be among the last counmonetary policies were insufficiently serious. tries to act. Especially problematic was the slow pace of A fellow panelist, Aloizio Mercadante, who reform in privatization and social security. is vice-president of the Labor Party, reacted There had also been no basic changes in monangrily to my proposals. He said that followetary institutions. including a failure to create ing Cavallo’s ideas about currency boards was an Argentine-style currency board. This commore like following a donkey than a horse bination of fiscal and monetary weakness led (apparently a play on the Portuguese word me to predict that the Brazilian real would cavalo for horse). He also said that Brazil eventually be devalued. It took a bit longer was a great country and therefore must althan I expected. but it happened last January. ways have its own money and monetary polFinance Minister Pedro Sampaio Malan icy. I suggested renaming the dollar as the reacted to my comments in 1996 by saying America if this would assuage national pride. that Brazil did not need nonserious American I also expressed puzzlement about why it academics coming to Brazil to say that its was 0. K. for countries to export cars and GET REAL: policies were not serious. After his remarks wheat but not currencies and monetary poliappeared in a newspaper, I told a reporter ties, even though some countries were much |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://scholar.harvard.edu/barro/files/99_0503_brazil_bw.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
