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Structural Reforms in Brazil: Progress and Unfinished Agenda

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  • Teresa Ter-Minassian

Abstract

This paper discusses Brazil’s structural reforms since the 1990s and areas where work remains to be done. Reforms of the 1990s included the containment of inflation, the adoption of a comprehensive Fiscal Responsibility Law, a successful debt restructuring program for subnational governments, the reduction of trade barriers, a wave of privatizations, and the expansion of health and education programs. Reforms of the 2000s included strengthening welfare programs, rapidly increasing the minimum wage, and reforming the financial sector to increase access to credit among lower income groups. Political opposition and other factors, however, have prevented reforms in the tax and pension systems and in the labor market. Brazil’s recent strong economic performance owes more to generally sound macroeconomic management, and to a favorable external environment, than to a comprehensive and sustained structural reform effort. Doubts remain about the country’s ability to sustain high growth rates while keeping inflation low.

Suggested Citation

  • Teresa Ter-Minassian, 2012. "Structural Reforms in Brazil: Progress and Unfinished Agenda," Research Department Publications 4774, Inter-American Development Bank, Research Department.
    • Handle: RePEc:idb:wpaper:4774
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    Cited by:

    1. Agénor, Pierre-Richard & Canuto, Otaviano, 2015. "Gender equality and economic growth in Brazil: A long-run analysis," Journal of Macroeconomics, Elsevier, vol. 43(C), pages 155-172.
    2. Pablo N. D’Erasmo, 2016. "Access to Credit and the Size of the Formal Sector," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 143-199, April.
    3. Federico HUNEEUS & Oscar LANDERRETCHE & Esteban PUENTES & Javiera SELMAN, 2015. "A multidimensional employment quality index for Brazil, 2002–11," International Labour Review, International Labour Organization, vol. 154(2), pages 195-226, June.
    4. J. Vineesh Prakash & D. K. Nauriyal & Sandeep Kaur, 2017. "Assessing Financial Integration of BRICS Equity Markets: An Empirical Analysis," Emerging Economy Studies, International Management Institute, vol. 3(2), pages 127-138, November.
    5. Fatma Bouattour, 2020. "Measuring financial constraints of Brazilian industries: Rajan and Zingales index revisited," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 29(6), pages 677-710, August.

    More about this item

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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