Macroeconomic performance in Brazil under the inflation targeting regime
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Redalyc
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| Formato: | Artículo científico |
| Lenguaje: | en |
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Universidad Nacional Autónoma de México
2018
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| _version_ | 1876476193561116672 |
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| author | Elisangela Araujo |
| author_facet | Elisangela Araujo |
| contents | Macroeconomic performance in Brazil under the inflation targeting regime Elisangela Araujo Eliane Araújo Fernando Ferrari Filho Economía y Finanzas E02 E42 E06 Brazilian economy Monetary institutions This study analyses theoretically and empirically the relationship between monetary institutions and macroeconomic performance in Brazil, in the period after the adoption of the inflation targeting regime (ITR), in 1999. The hypothesis is that the monetary institutions inhibited economic growth, rather than being effective at controlling inflation, whose main causes are related to structural and institutional factors, indexation process and domestic and external shocks. The main results of the ITR, embodied in the highly restrictive monetary policy, are the following negative effects: A reduction in Gross Domestic Product (GDP) growth rates, a rise in the stock of public debt and an appreciation of the domestic currency. Likewise, the ITR has not been successful in maintaining inflation rate below its target. In this respect, revisions in the Brazilian monetary institutions would be essential to improve the results of the ITR, both in terms of actual inflation and economic performance. 2018 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60157367005 https://www.redalyc.org/journal/601/60157367005/ https://www.redalyc.org/journal/601/60157367005/html/ https://www.redalyc.org/journal/601/60157367005/60157367005.epub https://www.redalyc.org/journal/601/60157367005/movil en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.304 Vol.LXXVII |
| format | Artículo científico |
| id | redalyc_60157367005 |
| institution | Redalyc |
| language | en |
| publishDate | 2018 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | Macroeconomic performance in Brazil under the inflation targeting regime Elisangela Araujo Economía y Finanzas E02 E42 E06 Brazilian economy Monetary institutions Macroeconomic performance in Brazil under the inflation targeting regime Elisangela Araujo Eliane Araújo Fernando Ferrari Filho Economía y Finanzas E02 E42 E06 Brazilian economy Monetary institutions This study analyses theoretically and empirically the relationship between monetary institutions and macroeconomic performance in Brazil, in the period after the adoption of the inflation targeting regime (ITR), in 1999. The hypothesis is that the monetary institutions inhibited economic growth, rather than being effective at controlling inflation, whose main causes are related to structural and institutional factors, indexation process and domestic and external shocks. The main results of the ITR, embodied in the highly restrictive monetary policy, are the following negative effects: A reduction in Gross Domestic Product (GDP) growth rates, a rise in the stock of public debt and an appreciation of the domestic currency. Likewise, the ITR has not been successful in maintaining inflation rate below its target. In this respect, revisions in the Brazilian monetary institutions would be essential to improve the results of the ITR, both in terms of actual inflation and economic performance. 2018 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60157367005 https://www.redalyc.org/journal/601/60157367005/ https://www.redalyc.org/journal/601/60157367005/html/ https://www.redalyc.org/journal/601/60157367005/60157367005.epub https://www.redalyc.org/journal/601/60157367005/movil en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.304 Vol.LXXVII |
| title | Macroeconomic performance in Brazil under the inflation targeting regime |
| topic | Economía y Finanzas E02 E42 E06 Brazilian economy Monetary institutions |
| url | https://www.redalyc.org/articulo.oa?id=60157367005 https://www.redalyc.org/journal/601/60157367005/ https://www.redalyc.org/journal/601/60157367005/html/ https://www.redalyc.org/journal/601/60157367005/60157367005.epub https://www.redalyc.org/journal/601/60157367005/movil |