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The 2008 financial crisis

Luiz Carlos Bresser-Pereira (), Maryse Farhi (), Daniela Magalhães Prates (), Maria Cristina Penido de Freitas (), Marcos Antonio Macedo Cintra (), Jennifer Hermann (), Ana Rosa Ribeiro de Mendonça (), Fernando Ferrari Filho (), Luiz Fernando de Paula (), João Sicsú (), José Luís Oreiro (), Flávio Augusto Correa Basilio () and Paulo Gala ()

Brazilian Journal of Political Economy, 2009, vol. 29, issue 1, 133-149

Abstract: In developing countries there is a tendency to the overvaluation of the exchange rate. It has two structural causes: the Dutch disease and the attraction that higher profit and interest rates usually prevailing in developing countries exert on foreign capitals, and four policy causes: the growth with foreign savings policy, the control of inflation to exchange rate anchors, the ‘capital deepening’ policy, and exchange rate populism. Either the country neutralizes this tendency and grows fast, or does not and will suffer cyclical balance of payment crises.

Date: 2009
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