The Political Construction of Brazil

2017. An encompassing analysis of Brazil’s society, economy and politics since the Independence. A national-dependent interpretation. Three historical cycles of the relation state-society: State and Territorial Integration Cycle (1822-1929), Nation and Development Cycle (1930-1977) and Democracy and Social Justice Cycle (1977-2010). Crisis since then. (Book: Lynne Rienner Publishers)

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Macroeconomia Desenvolvimentista

2016. With José Luis Oreiro e Nelson Marconi. Our more complete analysis of Developmental Macroeconomics – the central economic theory within New Developmentalism. (book)

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A turning point in the debt crisis: Brazil, the US Treasury, and the World Bank

Luiz Carlos Bresser-Pereira

Revista de Economia Política, 19(2) abril 1999: 103-120. Originalmente publicado em São Paulo: Fundação Getúlio Vargas, Departamento de Economia, Texto para Discussão n° .48, novembro 1995.


This paper is an account of the Brazilian 1987 negotiation of the debt crisis, that represented a turning point in the history of this world financial crisis. When the author assumed the Finance Ministry of Brazil, in April 1997, the country was in moratorium. The minister, after consulting international bankers, economists and state officials, prepared a proposal for solving the problem that was based in two key ideas: the securitization of the debt with a discount, and the relative delinkage between IMF and the commercial banks in the negotiations. In September 1997 the proposal received from the Secretary of the Treasury, James Baker, a public "non starter" answer, but, given the interest it immediately arose in the international financial community, eighteen months later the Brady Plan, that established the parameters for solving the debt crisis, had as core proposals these two ideas.



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