The illusion of stability: The Brazilian economy under Cardoso

Edmund Amann, Werner Baer

Research output: Contribution to journalArticlepeer-review


This paper begins with a description of the main characteristics of Brazil's Real stabilization program and its initial success in eliminating inflation. It then examines the use of the exchange rate to keep inflation in check and the problems which overvaluation created. It also focuses on the structural desequilibria it faced and the various artifices that were used to deal with them but which ultimately led to a set of contradictions that brought about its collapse. (C) 2000 Elsevier Science Ltd. All rights reserved.

Original languageEnglish (US)
Pages (from-to)1805-1819
Number of pages15
JournalWorld Development
Issue number10
StatePublished - 2000


  • Banking
  • Exchange rate
  • Inflation
  • Privatization
  • Stabilization

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Development
  • Sociology and Political Science
  • Economics and Econometrics


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