Política monetária e cambial: algumas lições do período 1991-1994
DOI:
https://doi.org/10.11606/1980-53572532mgpgKeywords:
monetary policy, exchange-rate policy, monetary passiveness, inflation, hiperinflation, stabilization policies, Brazilian economyAbstract
The success of the current Brazilian stabilization plan in maintaining low inflation in the coming years depends on reduced rates ofmonetary expansion. It is necessary not just to eliminate the inflationary financing of the fiscal deficit but also to eliminate the passiveness ofmonetary policy, which has fueled inflation recently. In the past the Central Bank (CB) has followed a real interest rate target procedure, aiming not at low inflation, but at maintaining a stable demand for public debt. Monetary expansion has been allowed to occur passively in support of this objective. Several monetary policy recommendations are outlined to support the Real Plan, among those: fully separate the CB from the treasury to impede inflationary financing; give the CB autonomy to exercise true supervision and regulation in the government owned banks; change the operating mechanism of the CB, gradually imposing greater illiquidity costs on the banks.
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Copyright (c) 1995 Márcio G.P. Garcia
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