The perverse macroeconomics of debt, deficit and inflation in Brazil

Luiz Carlos Bresser-Pereira

In T.Fukuchi and M.Kagami, Perspectives on the Pacific Basin Economy: A Comparison of Asia and Latin America. Tóquio: Institute of Developing Economies, 1990: 153-192. Revista Brasileira de Economia 45(2), abril-junho 1991: 198-211. Trabalho apresentado ao Tokyo Symposium, patrocinado pelo Institute of Developing Economies, em Tóquio, julho 1989.

There is a perverse logic in the Brazilian macroeconomic system involving foreign debt, fiscal deficit and inertial inflation.

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