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- handle: 10670/1.j8b9uu
- halshs: halshs-00746537
- doi: 10.1016/j.jimonfin.2008.12.005
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info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jimonfin.2008.12.005
Mots-clés
Money demand Money supply Monetary policy Inflation Stabilization Brazil O - Economic Development, Innovation, Technological Change, and Growth/O.O2 - Development Planning and Policy/O.O2.O23 - Fiscal and Monetary Policy in Development O - Economic Development, Innovation, Technological Change, and Growth/O.O5 - Economywide Country Studies/O.O5.O54 - Latin America • Caribbean N - Economic History/N.N1 - Macroeconomics and Monetary Economics • Industrial Structure • Growth • Fluctuations/N.N1.N16 - Latin America • CaribbeanSujets proches
Specie Monetary question Money, Primitive Currency Standard of valueCiter ce document
Pedro Albuquerque et al., « Canaries and Vultures: A Quantitative History of Monetary Mismanagement in Brazil », HAL-SHS : économie et finance, ID : 10.1016/j.jimonfin.2008.12.005
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Résumé
During the last two decades of the twentieth century, Brazil went through a sequence of failed stabilization plans that tried to cope with an enduring hyperinflation. This paper uses a money demand model to evaluate monetary policies during those episodes. Consistency between money supply and expected conditional money demand growth rates is considered for each plan. It is shown that unsuccessful programs were marked by excessive liquidity. The results not only suggest that monetary mismanagement led to the failure of the plans, but also that the excessive liquidity could have been predicted.