This paper argues that Brazil has become subject to new forms of external vulnerability, which led to one of the largest exchange rate depreciations among emerging markets in the recent global financial crisis. Going beyond traditional external vulnerabilities in the form of creditor-debtor...

Insofar as the global crisis of 2007-9 can be understood as a fully-fledged crisis of the financialisation era, it has presented new challenges for central banks. However, this paper argues the central banks� interventions in key middle income countries (Brazil and Korea) have reinforced...