The Brazilian Crisis: From Inertial Inflation to Fiscal Fragility

Jan Kregel

Economics Working Paper Archive from Levy Economics Institute

Abstract: This paper argues that the Brazilian crisis differs from the standard Minsky crisis in that it is Brazil's government that is engaging in Ponzi financing while private sector balance sheets are relatively robust. However, attempts to stabilize the economy through high interest rates and expenditure cuts may quickly produce private sector fragility. This is the dilemma faced by Brazilian economic policy today

Date: 2000-02
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Working Paper: The Brazilian Crisis: From Inertial Inflation to Fiscal Fragility (2000)
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