Francisco Dornelles’ brief tenure at the Ministry of Finance: The decline of FGV-RJ and the Delfim Boys’ dominance in shaping Brazil’s economic policy

Alexandre F. S. Andrada ()

Brazilian Journal of Political Economy, 2024, vol. 44, issue 3, 545-562

Abstract: This article analyzes Francisco Dornelles’ term at the Ministry of Finance in1985. In addition to filling the existing gap in historiography, it reconstructs the thinking andeconomic actions of Dornelles and Tancredo Neves. Both were conservatives, endorsing a“monetarist” diagnosis of the Brazilian crisis. This conservatism translated into a relativecontinuation of the austerity policy implemented by Delfim Netto. It is argued that Dornelles’departure from the Ministry of Finance marks an important turning point in Brazil’s economichistory. FGV-RJ and the “delfinist” faction of FEA-USP lose their hegemony over economicpolicy, creating space for other schools, such as Unicamp and PUC-Rio. JEL Classification: B20; N16; N46.

Keywords: Francisco Dornelles; Ministry of Finance; monetarism; heterodoxy (search for similar items in EconPapers)
Date: 2024
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