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Brazil at the crossroad: foreign debt and fiscal exhaustion

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  • Alvaro Antonio Zini Júnior

Abstract

The debt crisis caused a major setback in Brazil’s economic development inthe 1980s. Stabilization policies based on contracting aggregate demand have produced anoverall stagnant economic performance that alternates periods of recession with periodsof growth cum rampant inflation. The attempts of adjustment have implied a near exhaustionof the public sector finances and have added distortions in the pattern of financing theeconomy. While the “transfer problem” can be potentially settled on the real side, on thefiscal side obstacles are real and may indeed lead to stagnation in the 1990s. This paper suggestsa concerted action to promote growth; one that involves a stimulus to the productionof tradeables through an investments policy and a new approach to commercial and theexchange rate policies, and a refunding of the domestic and the external debts of the publicsector to help solve the financial disarray of the Government. JEL Classification: H63; H62; O40.

Suggested Citation

  • Alvaro Antonio Zini Júnior, 1990. "Brazil at the crossroad: foreign debt and fiscal exhaustion," Brazilian Journal of Political Economy, Center of Political Economy, vol. 10(1), pages 29-48.
    • Handle: RePEc:ekm:repojs:v:10:y:1990:i:1:p:29-48:id:1523
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    More about this item

    Keywords

    Debt crisis; external debt; stabilization; economic growth;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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