The Brazilian inflation and the “Real Plan”

Jeffrey Sachs () and Álvaro Zini ()

Brazilian Journal of Political Economy, 1995, vol. 15, issue 2, 179-204

Abstract: By most standards, Brazilian inflation has been the most intractable in worldhistory. The time span of high Brazilian inflation is unparalleled: inflation has exceeded 50percent per annum every year since 1979 and has been at double digit rates every year since1957. Even Argentina, the perennial rival of Brazil for the dubious distinction or longestrunninghigh inflation, has achieved price stabilization since April 1991. There have beeninnumerable major and minor attempts at Brazilian stabilization, including at least five major“Plans” since 1986. Each has failed. Brazil is currently in the midst of another majorstabilization attempt, the Plan Real. This paper assesses the difficulties inherent in Brazilianstabilization programs, and the prospects for the Plan Real, including its particular motivationsand its chances for success. JEL Classification: E31; E52.

Keywords: Inflation; stabilization; Real plan (search for similar items in EconPapers)
Date: 1995
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