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This
paper discusses the effects of the Brazilian
economic reforms since the debt crisis
of the early 1980s. It shows that none
of the expectations of higher growth performance
attributed to trade and capital account
liberalisation by the Washington Consensus
were fulfilled in Brazil during the 1990s.
The paper highlights the policy alternative
of a relatively more closed financial
regime which offers the ability to control
interest rates for domestic purposes,
and which may then lead to an increase
in effective demand and higher rates of
growth and employment.
July 19, 2003. |
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