Cardoso, Fernando HenriqueGraeff, Eduardo2017-08-282017-08-282008https://hdl.handle.net/10986/28033Brazil grew 2.4 percent per year on average in the last 25 years-somewhat less than Latin America, a good deal less than the world, far less than the emerging countries of Asia in the same period, and indeed far less than Brazil itself in previous decades. If anything stands out favorably in recent Brazilian experience, it is not growth but stabilization and the successful opening of the economy. The purpose of this paper is more modest. It is limited to setting out the authors' particular view of recent efforts to consolidate democracy in Brazil while controlling inflation and resuming economic growth. At the same time the paper presents, as objectively as possible, some thoughts on the limits but also the relevance of action by political leaders to set a course and circumvent obstacles to that process. Here and there, the paper refers to the experiences of other Latin American countries, especially Argentina, Chile, and Mexico, not to offer a full fledged comparative analysis but merely to note contrasts and similarities that may shed light on the peculiarities of the Brazilian case and suggest themes for a more wide-ranging exchange of views.en-USCC BY 3.0 IGOASSETSBACKBENCHERSBALLOT BOXBANKING CRISISBANKING SECTORBANKING SYSTEMBANKRUPTCYBASIS POINTSBENEFICIARIESCABINETCANDIDATESCAPITALIST ECONOMYCENTRAL BANKCHECKSCIVIL SERVANTSCIVIL SOCIETYCLOSED ECONOMYCOLLAPSECOMMODITIESCONFIDENCECONSTITUENCIESCONSTITUENCYCONSTITUENTCORRUPTIONCREDIBILITYCREDITORCREDITOR BANKSCRIMECRITERIA FOR INVESTMENTCRITICAL MASSCURRENCYDEBTDEBT ISSUANCEDEBT RELIEFDEBTSDECENTRALIZATIONDECISION MAKINGDEFICITSDEMOCRACIESDEMOCRACYDEMOCRATIC GOVERNMENTDEMOGRAPHICDEPOSITORSDEPOSITSDEREGULATIONDEVALUATIONDEVELOPING COUNTRIESDEVELOPMENT BANKDISBURSEMENTSDOMESTIC INFLATIONDOMESTIC MARKETDOMINANT PARTYDUE PROCESSECONOMIC DEVELOPMENTECONOMIC EFFICIENCYECONOMIC POLICIESECONOMIC POWERECONOMIC REFORMECONOMIC REFORMSECONOMIC STABILITYELECTED REPRESENTATIVESELECTIONELECTORAL SYSTEMELECTORATEELECTRONIC MEDIAEQUIPMENTEXCHANGE RATEEXPENDITUREEXPENDITURESEXPORT GROWTHEXPOSUREEXTERNAL DEBTFEDERAL GOVERNMENTFINANCIAL CRISESFINANCIAL CRISISFINANCIAL ENGINEERINGFINANCIAL INSTITUTIONSFINANCIAL TRANSACTIONSFISCAL POLICIESFISCAL POLICYFOREIGN CAPITALFOREIGN DEBTFOREIGN EXCHANGEFOREIGN INVESTORSFREE TRADEFREE TRADE AGREEMENTGLOBAL ECONOMYGLOBAL INITIATIVEGLOBALIZATIONGOVERNMENT ACTIONSGOVERNMENT AGENCIESGROWTH RATESHOLDINGINCOMEINCOMESINDEBTEDNESSINFLATIONINFLATION CRISISINFLATION RATESINFLATION TARGETINGINFORMATION TECHNOLOGYINSTITUTIONAL CONSTRAINTSINSTRUMENTINTELLECTUAL PROPERTYINTEREST RATESINTERNATIONAL BANKINTERNATIONAL COMPETITIONINTERNATIONAL DEVELOPMENTINTERNATIONAL RESERVESINVESTIGATIONINVESTINGKICKBACKSLAND REFORMLAWSLEADERSHIPLEADERSHIPSLEGAL FRAMEWORKLEGISLATIONLEGISLATIVE BRANCHLIQUIDITYLOCAL GOVERNMENTSLOWER HOUSEMARKET ECONOMYMASS MEDIAMILITARY REGIMEMINISTERMONOPOLIESMONOPOLYMULTINATIONALMULTINATIONAL CORPORATIONSNATIONAL TREASURYNATURAL RESOURCEOPINION POLLSPARLIAMENTARIANSPARTY POLITICSPATRONAGEPENALTYPENSIONPENSION REFORMPENSION SYSTEMPENSIONSPLEBISCITEPOLICY MAKERSPOLITICAL ACTIVITYPOLITICAL DEVELOPMENTSPOLITICAL INSTITUTIONSPOLITICAL LEADERPOLITICAL LEADERSPOLITICAL LEADERSHIPPOLITICAL PARTIESPOLITICAL PARTYPOLITICAL STABILITYPOLITICAL SYSTEMPOLITICIANPOLITICIANSPORTFOLIOSPOVERTY ALLEVIATIONPRESIDENTIAL ELECTIONSPRIVATE INVESTORSPRIVATIZATIONPROPORTIONAL REPRESENTATIONPUBLIC DEFICITPUBLIC OPINIONPUBLIC SERVICEPUBLIC SPENDINGPURCHASING POWERRATES OF RETURNREFORM PROGRAMREGULATORSREGULATORY BODIESRENEGOTIATIONSREPRESENTATIVE SAMPLEREPRESENTATIVESREPRESSIONRESERVESREVENUE GROWTHSCANDALSCANDALSSENIOR GOVERNMENT OFFICIALSSERVICE PROVIDERSSMALL BUSINESSSOCIAL PROTECTIONSOCIAL SECURITYSTABILIZATION POLICYSTATE BANKSTAXTELECOMMUNICATIONSTRADE ASSOCIATIONSTRADE LIBERALIZATIONTRADINGTURNOVERUPPER HOUSESWorking PaperWorld Bank10.1596/28033