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Brazilian countercyclical economic policies as a response to the Great Recession: a critical analysis and an alternative proposal to ensure macroeconomic stability

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  • Fernando Ferrari-Filho
  • André Cunha
  • Julimar da Silva Bichara

Abstract

This article analyzes Brazilian macroeconomic policy and its economic performance as a response to the Great Recession. First, we present a theoretical analysis of Keynesian economic policies to coordinate and stabilize the dynamic of monetary economies. Second, we analyze Brazilian macroeconomic policy efforts to overcome the effects of the Great Recession, and we show the relationship between this policy and the main economic indicators, such as gross domestic product and inflation. In doing so, we argue that, although the Brazilian economic policy response to the global financial crisis and Great Recession seem to incorporate Keynesian economic policies, it is not possible to argue that the Brazilian economy be considered a Keynesian paradigm. Finally, in light of the Keynesian theory, we present an economic strategy to sustain the dynamism of the Brazilian economy.

Suggested Citation

  • Fernando Ferrari-Filho & André Cunha & Julimar da Silva Bichara, 2014. "Brazilian countercyclical economic policies as a response to the Great Recession: a critical analysis and an alternative proposal to ensure macroeconomic stability," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 36(3), pages 513-540.
    • Handle: RePEc:mes:postke:v:36:y:2014:i:3:p:513-540
    DOI: 10.2753/PKE0160-3477360306
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    Cited by:

    1. Feijo, Carmen, 2024. "Stagnation of the Brazilian Economy and Peripheral Financialization," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 77(2), pages 207-232.
    2. Cunha, André Moreira & Da Silva Bichara, Julimar & Monsueto, Sandro Eduardo, 2014. "Occupational mobility and income differentials: The experience of Brazil between 2002 and 2010," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    3. Cunha, André Moreira & Da Silva Bichara, Julimar & Monsueto, Sandro Eduardo, 2014. "Movilidad ocupacional y diferencial de ingresos: la experiencia del Brasil entre 2002 y 2010," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    4. Eduardo Mantoan & Vinícius Centeno & Carmem Feijo, 2021. "Why has the Brazilian economy stagnated in the 2010s? A Minskyan analysis of the behavior of non-financial companies in a financialized economy," Review of Evolutionary Political Economy, Springer, vol. 2(3), pages 529-550, December.
    5. Ferreira, Adriana Nunes & de Mendonça, Ana Rosa Ribeiro & de Deos, Simone Silva, 2016. "The role of Brazilian public banks facing inequality," GLU Working Papers 41, Global Labour University (GLU).

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