Recession and interest rates: Brazil in the early 1980s

Pérsio Arida () and André Lara Resende ()

Brazilian Journal of Political Economy, 1985, vol. 5, issue 1, 3-18

Abstract: The Brazilian economy faces the deepest contraction in its economic activity ofthe last sixty years. The declining output per capita for the period 1980/83 merits comparisonwith that of the period 1928/33. Using semi-official, conservative more severe than thatof 1928/33. That current pression was unleashed by growing difficulties in meeting obligationsin foreign exchange is beyond doubt. This article argues that the present form of adjustmentto the external crisis is inadequate. The burden of external debt was needlesslymagnified by policies which erroneously identify the interest rate as the crucial adjustmentvariable. JEL Classification: F34; O40; E61.

Keywords: Recession; interest rates; debt crisis; external debt (search for similar items in EconPapers)
Date: 1985
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