What we show is this article is that there is a link between Post- Keynesian theory and Institutional Economy. This link can help us (i) to understand the instability of the monetary economies and (ii) to oberve the relevance of the institutions in the coordenation process of the monetary economies.

First, the paper analyses the performance of the trade and exchange rate policies in Brazilian economy since the 1980s, specifically in the post-Real Plan period. Second, it attempts to relate the different degrees of external vulnerability of the period with the behavior of economic growth...