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A turning point in the debt crisis: Brazil, the US Treasury, and the World Bank
1995. An account of the 1987 negotiation of the debt crisis. Brazil presented a proposal of debt securitization which represented a turning point in the debt crisis, and was the Brady Plan 18 months later. (Paper: Revista de Economia Política) *
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Contra a Corrente: A Experiência no Ministério da Fazenda
1992. Revised version of the testimony to IUPERJ on the author's experience as Finance Minister in Brazil: the major crisis, the "Bresser Plan", and the negotiation of the foreign debt. Non revised version available in French. (In Revista Brasileira de Ciências Sociais")
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Dívida externa e crise do governo
1991. The Collor administration is approaching the debt crisis in a correct way under the direction of Zelia Cardoso and the ambassador Jorio Dauster. The solution requires a reduction of the debt. (Testimony to the Commission of Finance of the Brazilian Senate).
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The U.S. elite and the Latin American crisis
1990. The debt crisis is without solution, and may require unilateral measures on the part of Latin American countries. The idea of free trading area in the Americas is welcomed.(Note in book edited by Baer & Petri)
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Os Tempos Heróicos de Collor e Zélia
1991. Collection of articles analysing the rights and wrongs that characterized the first two extraordinary years of the Collor administration. After that, a change of ministry inaugurated the rendition of Brazil to the Washington consensus. (Editora Nobel)
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Alternativa para as moratórias não-declaradas
1990. Brazil is since 1989 in the situation of default. Given that the Brady Plan offers just a small reduction in the debt, and the market discount is 30%, some unilateral initiative from Brazil is required. (Note: Folha de S.Paulo)
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Und moratoria, a false solution
1990. A und moratoria as we have today is not a solution for the debt crisis. Unilateral decisions should complement the Brady Plan so as to achieve a reasonable discount on the debt.(Paper in edited book)
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The hesitating motivation to solve the debt crisis
1990. There is a consensus that it is necessary to offer a solution to the debt crisis but not the necessary determination to do something. (Paper presented to the Peace and Development Foundation)
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Expériences d'un gouvernement: le ministère des Finances au Brésil
1989. A testimony to IUPERJ on the author's experience as Finance Minister in Brazil. I receive the finance ministry when the Great Debt Crisis of the 1980s reaches its peak with the failure of the Cruzado Plan. The emergence "Bresser Plan", and the negotiation of the foreign debt. Available in Portuguese, and in an extended version. (Published in Problèmes d'Amérique Latine)
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A solução incompleta do Plano Brady (Exame, 3.5.1989)
1989. The discount offered by the Brady Plan to the highly indebted countries is insuficient. (Article: Exame)
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O Plano Brady (Isto É/Senhor, 22.3.1989)
1989. The Brady Plan is a correct but incomplete policy to solve de debt crisis. (Article: IstoÉ-Senhor, 22.3.1989)
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A Brazilian approach to external debt negotiation - 1987
1988. The 1987 negotiation of the foreign debt was guided by a question ("is the payment of interest consistent with the economic growth of Brazil?"), and by the idea of securitizing the debt with a discount. Portuguese version available. (Note: LASA Forum)
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Dívida Externa: Crise e Soluções (coletânea)
1989. Edited book on the debt crisis and proposed solutions. (Book: Editora Brasiliense)
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A debtor's approach to the debt crisis
1989. The Brazilian crisis in the 1980s as a debt and a fiscal crisis. A summary of the negotiations. The solution of the debt crisis requires that creditors accept the seccuritization of the debt with a discount. Portuguese version available. (Paper in book edited by Christine Bogdanowicz-Bindert).
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The perverse macroeconomics of debt, deficit and inflation in Brazil
1989. There is a perverse logic in the Brazilian macroeconomic system involving foreign debt, fiscal deficit and inertial inflation. Portuguese version available.(Paper in book edited by Fukuchi and Kagami).
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A dívida na próxima reunião do FMI (Jornal do Brasil, 19.9.1988)
1988. United Nations' proposal is insuficient. Only a general solution for the debt crisis based on the securitization of the debt, as Brazil proposed in 1987, will solve the problem. (Article: Jornal do Brasil)
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Dívida externa: adiar ou resolver?
1988. Intervention on the U.S. Congressional Summit held in Vienna, September 4, 1988. English version available.
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The debt problem: postpone it or solve it?
1988. Intervention on the U.S. Congressional Summit held in Vienna, September 4, 1988. Portuguese version available.
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Experiências de um governo
1988. A testimony to IUPERJ (Wanderley Guilherme dos Santos) on the authors experience as Finance Minister of Brazil. Available in French, and also an extended and revised version.(Discussion paper, IUPERJ)
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Uma estratégia alternativa para negociar a dívida externa
1989.The 1987 negotiation of the foreign debt was guided by a question ("is the payment of interests consistent with the economic growth of Brazil?"), and by the idea of securityzing the debt with a discount. English version available. (Note in my edited book Dívida Externa: Crise e Soluções)
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A concerted solution for the debt crisis
1988. Creditor countries are beginning to realize that a initiative involving debt reduction is necessary, but they seem paralyzed. Debtor countries must also participate from a concerted solution. (Introduction to non-published book)
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Duas questões básicas sobre a dívida externa
1988. The two basic questions on the foreign debt are, first, if Brazil has the possibility of fully honoring it without major economic losses (it has not) second, who is supposed to have the initiative (it is Brazil, we cannot wait on creditors). (Note: Economia em Perspectiva)
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Da crise fiscal à redução da dívida
1988. The country will only be able to resume growth if it combines fiscal adjustment with a substantial reduction of the the foreign debt, which should be unilateral, given the lack of dispostion of creditor to negotiate the securitization that I previously proposed. Versão inglesa ligeiramente reduzida em Christine Bogdanowicz-Bindert, org., Solving the Global Debt Crisis, New York: Harper & Row, 1989, com o título "A Debtor's Approach to the Debt Crisis" . (Paper my edited book Dívida Externa: Crise e Soluções)
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Statement to the Annual Meeting of Governing Board of The World Bank and IMF
Washington, DC, September 30, 1987.
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Statement to the IMFs Interim Committee
Washington, DC, September 27, 1987.
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A prioridade da dívida externa
1985. The foreign debt is the central problem Brazil faces today. It will only be able to stabilize prices if, previously, it negotiates satisfactorily its external debt. (Article: Gazeta Mercantil)
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The crisis of the 1970s
1983 [1984]. A survey of the 1970s and an analysis of the causes of the crisis beginning in 1981: reversion of the economic cycle as consequence of overaccumulation, and the debt crisis. Portuguese version available. (Chapter 8 of Development and Crisis in Brazil: 1930-1983)
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Auge e declínio nos anos setenta
1983. A survey of the 1970s and an analysis of the causes of the crisis beginning in 1981: reversion of the economic cycle as consequence of overaccumulation, and the debt crisis. English version available. (Paper: Revista de Economia Política)
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The Third World Debt: a Dangerous Game
1989. Third world debt is so high that only its securitization with a discount in the line proposed by me in 1987 will solve the problem.
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Um Estudo sobre as Empresas Multinacionais no Brasil
1976. A survey of book on foreign capital by Von Doelinger and Leonardo Cavalcanti.(Survey: Revista de Administração de Empresas)
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