O fracasso do Plano Collor: erros de execução ou de concepção?
Carlos Eduardo Carvalho
The failure of Collor Plan in stabilizing the Brazilian economy, in March 1990, is a neglected area in Brazilian economics. The liquidity blockade involving the majority of financial assets reduced inflation rates substantially, from 70% per month to 10% per month, but it rose again gradually to almost 20% per month in December. The return to high inflation was attributed to the government’s inability to manage a controlled lifting of the blockade, due to political and social pressure, as well as to some errors in the program implementation. This interpretation leads to the hypothesis that the liquidity blockade could have been successful if had it been correctly implemented and managed. This article argues the opposite thesis that the blockade failed because implementation was in fact impossible. Maintaining the strict imposition of the blockade rules would have paralysed the payment system and precipitated a very serious banking crisis.
Collor Plan, liquidity blockade, monetary reform, stabilization policies, Brazil
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