The failure to stabilise
Luiz Carlos Bresser-Pereira
Institute of Latin American Studies of the University of London (1993), Brazil: The Struggle for Modernisation. Keynote speech to the Conference "Brazil: Economic, Political and Social Reform", sponsored by the Institute of Latin America Studies of the University of London, February 18-19, 1993
Brazil's failure to achieve price stabilization is essentially a consequence of the incompetence of authorities (and IMF) in acknowledging the inertial character of inflation and the lack of political support for fiscal adjustment.