Inflation targeting, debt, and the Brazilian experience, 1999 to 2003 / edited by Francesco Giavazzi, Ilan Goldfajn, and Santiago Herrera.

Format:

Book

Contributor:

Giavazzi, Francesco.

Goldfajn, Ilan.

Herrera, Santiago.

Language:

English

Subjects (All):

Monetary policy--Brazil.

Monetary policy.

Inflation (Finance)--Brazil.

Inflation (Finance).

Debts, External--Brazil.

Debts, External.

Physical Description:

1 online resource (xxii, 303 p. ) ill. ;

Place of Publication:

Cambridge, MA : MIT Press, 2005.

Language Note:

English

Summary:

How Brazil's monetary and fiscal policies survived a series of severe economic shocks and the policy lessons for other countries.Inflation targeting--when central bank policies set specific inflation rate objectives--is widely used by both developed and developing countries around the world (although not by the United States or the European Central Bank). This collection of original essays looks at how Brazil's policy of inflation targeting, coupled with a floating exchange rate, survived a series of severe economic shocks and examines the policy lessons that can be drawn from Brazil's experience.After a successful start in early 1999, Brazil's policy regime had to manage mounting difficulties, including a sudden reversal of capital flows and its effects on the exchange rate and public debt, the contagion of Argentina's severe economic problems, a domestic energy crisis, and the political uncertainty of the 2002 presidential campaign. The contributors, prominent Brazilian and international economists, draw important lessons from Brazil's experience, including the necessity of accompanying monetary policy with fiscal improvement, the trade-offs involved in dollar-linked debt, the importance of fiscal institutions in an emerging market economy, and the importance of keeping inflation under control.

Contents:

Fiscal policy, inflation, and the balance of payments in Brazil / Affonso Celso Pastore and Maria Cristina Pinotti

Fiscal dominance and inflation targeting / Olivier Blanchard

Inflation targeting and debt / Carlo A. Favero and Francesco Giavazzi

Public debt management in Brazil / Alessandro Missale and Francesco Giavazzi

A risk management approach to emerging market's sovereign debt sustainability with an application to Brazilian data / Marcio Garcia and Roberto Rigobon

Institutions for debt sustainability in Brazil / Charles Wyplosz

Learning to trust Lula / Marcus Miller, Kannika Thampanishvong, and Lei Zhang

Credit, interest, and jurisdictional uncertainty / Persio Arida, Edmar Lisboa Bacha, and Andre Lara-Resende.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references and index.

OCLC-licensed vendor bibliographic record.

ISBN:

9780262273787

0262273780

9781423728689

1423728688

OCLC:

61849642