International shocks are not exactly exceptional events in the economic history of Latin America. Whether ultimately they will constitute a hindrance or a help when we evaluate their long-run consequences for economic development depends on the interplay of the conflicting forces of stabilisation policies enacted to correct the balance of payments or control inflationary pressures and the structural policies adopted to adjust the long-run path of economic development. The Brazilian experience in the past ten years, with international indebtedness, three-digit inflation and long-run adjustment of its productive capacity after the two oil shocks, the general rise in interest rates and the 1982 sudden cut-off of voluntary international lending, is an interesting illustration of this interplay.
Weitere Kapitel dieses Buchs durch Wischen aufrufen
- Long-run Adjustment, the Debt Crisis and the Changing Role of Stabilisation Policies in the Recent Brazilian Experience
Dionísio Dias Carneiro
- Palgrave Macmillan UK
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