Since the outset of the Real Plan, the government has resorted to much higher reserve requirements on bank's liabilities, as well as to the creation of loans on credit in the attempt to restrict the expansion of monetary aggregates and credit. The policy intention was right, although the design...

Der Autor gibt einen Literaturüberblick zur Fisher-Gleichung, wonach die nominelle Nettoverzinsung der Steuern der Inflationserwartung plus der realen Verzinsung entspricht, und testet das Modell anhand brasilianischer Daten aus den Jahren 1973-1990. Er kommt zu dem Ergebnis, daß in Zeiten...

Two elements played key roles in differentiating the Brazilian case of inflation from the classical hyperinflations: indexation and the provision of a reliable domestic currency substitute, i.e. the provision of liquidity to interest-bearing assets. This paper claims that the existence of this...