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Keynesian economic policies: reflections on the Brazilian economy, 1995-2009

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  • Terra, Fábio Henrique Bittes
  • Filho, Fernando Ferrari

Abstract

As is well known, Keynes proposed deliberate government action, particularly the implementation of economic policies, to coordinate and stabilize the dynamic of monetary economies. In that context, this article aims to retrieve and describe the Keynes' economic-policy prescriptions, specifically monetary, fiscal and exchangerate policies, and to analyse the Brazilian economy's performance in terms of the operating rationale of Keynesian economic policy in the period 1995-2009. The study's findings show that the economic policies implemented following the Real Plan did not keep the Brazilian economy on a sustained and stable growth path in the face of the endogenous and exogenous economic crises that occurred throughout the period. Moreover, its conclusions question the Keynesian credentials of the countercyclical policies implemented by the Brazilian economic authorities since the 2007-2008 international crisis.

Suggested Citation

  • Terra, Fábio Henrique Bittes & Filho, Fernando Ferrari, 2012. "Keynesian economic policies: reflections on the Brazilian economy, 1995-2009," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    • Handle: RePEc:ecr:col070:11606
    Note: Includes bibliography
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    1. J. A. Kregel, 1995. "The Viability of Economic Policy and the Priorities of Economic Policy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 17(2), pages 261-277, January.
    2. J. A. Kregel, 1994. "The Viability of Economic Policy and the Priorities of Economic Policy," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(2), pages 261-277, December.
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