Resumo

Although there have been more than twelve years since high inflation was eliminated and a floating exchange rate regime was introduced in Brazil in 1999, at least two aspects have clearly marked the Brazilian economy in the 1999-2011 period: first, business cycles were characterised by stop and go behaviour, with annual average growth rates of real GDP (3.4%) much lower than the emerging and developing countries (6.0%) and very close to the global economy (3.7% — see Figure 1); and second, there was a cyclical and persistent tendency of the Brazilian currency to appreciate in real terms (Nassif, Feijó and Araújo, 2011).

Autor

André Nassif




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