Tropical Neomonetharism: The Brazilian Experience in the Nineties

Vol. 22 No. 1 (2002)

Jan-Mar / 2002
Published January 1, 2002
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Filho, Alfredo Saad, and Lecio Morais. 2002. “Tropical Neomonetharism: The Brazilian Experience in the Nineties”. Brazilian Journal of Political Economy 22 (1):3-23. https://doi.org/10.1590/0101-31572002-1271.

Tropical Neomonetharism: The Brazilian Experience in the Nineties

Alfredo Saad Filho
Department of Development Studies – SOAS, University of London, Londres, Inglaterra.
Lecio Morais
Câmara dos Deputados, Brasília/DF, Brasil.
Brazilian Journal of Political Economy, Vol. 22 No. 1 (2002), Jan-Mar / 2002, Pages 3-23

Abstract

This paper reviews the performance of the Brazilian economy during the 1990s, in the light of the neomonetarist policy shift implemented unevenly but incrementally across this decade. The paper shows that this policy shift was associated with, and contributed to, a change in the structure of manufacturing industry, the financial deterioration of the public sector, the tightening of the balance of payments constraint, and increasing external economic dependence. These structural changes were largely responsible for the currency crisis of 1999. Subsequent policy measures have largely failed to address these weaknesses of the Brazilian economy.

JEL Classification: B24; B51.


Keywords: Brazil neoliberalism neomonetarism dependency financial liberalization