| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w3585
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| 来源ID | Working Paper 3585
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| From Inertia to Megainflation: Brazil in the 1980s |
| Eliana Cardoso
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| 发表日期 | 1991
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| 出版年 | 1991
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| 语种 | 英语
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| 摘要 | This paper discusses the acceleration of inflation in Brazil. In the early 1980s, the Brazilian inflation rate increased in good measure because of the balance of payments crisis and because of large depreciations of the cruzeiro. The Cruzado Plan failed to stop inflation because of an extremely loose monetary policy coupled with a lack of fiscal austerity. Repeated price controls have increased the variability of inflation. More recently, the decline in tax collections and the growth of interest payments on a ballooning domestic debt have built up a massive fiscal problem. Flight from money has further aggravated Brazilian inflation. Two steps are used in explaining the Brazilian inflationary process: the analysis of price freezes in the context of sustained fiscal imbalance and the research on the consequences of different fiscal deficit financing forms. The paths of inflation and real cash balances in response to different shocks are simulated. The focus is on the effects of controls that impose a temporary reduction of the inflation rate under different choices for monetary and fiscal policies. A model of an open economy where agents can hold money, domestic bonds and inventories of goods clarifies the linkage between Brazil's growing inability to finance the public sector deficit externally after 1982 and the acceleration of inflation. |
| URL | https://www.nber.org/papers/w3585
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560887
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推荐引用方式
GB/T 7714 |
Eliana Cardoso. From Inertia to Megainflation: Brazil in the 1980s. 1991.
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文件名：
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w3585.pdf
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格式：
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Adobe PDF
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