O PAPEL DO REGIME CAMBIAL NO PROCESSO DE AJUSTAMENTO DE PAÍSES COM INFLAÇÃO CRÔNICA

Abstract

In July of 1994 it was implemented in Brazil the "Plano Real". Contrary to the other plans of stabilization, it tried to anchor the economy to a nominal variable. This paper defines the concepts of nominal anchor and its importance to the process of stabilization of an economy with cronic inflation. At the same time it will be done an analysis of the benefits and disavantadges in the use of the exchange rate as a nominal anchor. There will be included a small discussion about the path of "Plano Real", focusing a debate about dolarization. Finally the paper points out the importance of solving the structural problem of Brazitian inflation, as consequence of the income distribution problems and the incapability of government to finance the public sector, to achieve a strong stabilization.