EconPapers    
Economics at your fingertips  
 

Canaries and Vultures: A Quantitative History of Monetary Mismanagement in Brazil

Pedro Albuquerque and Solange Gouvea
Additional contact information
Solange Gouvea: Central Bank of Brazil

Development and Comp Systems from EconWPA

Abstract: During the last two decades of the twentieth century, Brazil went through a sequence of failed stabilization plans that tried to cope with an enduring hyperinflation. This paper uses a money demand model to evaluate monetary policies during those episodes. The consistency between the money supply and the expected conditional money demand growth rates is considered for each plan. It is shown that the unsuccessful programs were marked by excessive liquidity. The results not only suggest that the mismanagement of the monetary aggregates led to the failure of the plans, but also that the excessive liquidity could have been predicted.

Keywords: Money Demand; Money Supply; Monetary Policy; Inflation; Stabilization; Brazil (search for similar items in EconPapers)
JEL-codes: O23 O54 N16 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2005-11-23
Note: Type of Document - pdf; pages: 34
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link)
http://econwpa.repec.org/eps/dev/papers/0511/0511027.pdf (application/pdf)

Related works:
Journal Article: Canaries and vultures: A quantitative history of monetary mismanagement in Brazil (2009) Downloads
Working Paper: Canaries and Vultures: A Quantitative History of Monetary Mismanagement in Brazil (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpdc:0511027

Access Statistics for this paper

More papers in Development and Comp Systems from EconWPA
Series data maintained by EconWPA ().

 
Page updated 2017-07-29
Handle: RePEc:wpa:wuwpdc:0511027