| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25421 |
| 来源ID | Working Paper 25421 |
| The Monetary and Fiscal History of Brazil, 1960-2016 | |
| Joao Ayres; Marcio Garcia; Diogo A. Guillén; Patrick J. Kehoe | |
| 发表日期 | 2019-01-07 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994. This last period coincided with severe balance of payments problems and economic stagnation that followed the external debt crisis in the early 1980s. We show that the high-inflation period (1960–1994) was characterized by a combination of fiscal deficits, passive monetary policy, and constraints on debt financing. The transition to the low-inflation period (1995–2016) was characterized by improvements in all of these features, but it did not lead to significant improvements in economic growth. In addition, we document a strong positive correlation between inflation rates and seigniorage revenues, although inflation rates are relatively high for modest levels of seigniorage revenues. Finally, we discuss the role of the weak institutional framework surrounding the fiscal and monetary authorities and the role of monetary passiveness and inflation indexation in accounting for the unique features of inflation dynamics in Brazil. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w25421 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583095 |
| 推荐引用方式 GB/T 7714 | Joao Ayres,Marcio Garcia,Diogo A. Guillén,et al. The Monetary and Fiscal History of Brazil, 1960-2016. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25421.pdf（1775KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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