Política econômica do segundo governo FHCmudança em condições adversas

Resumo

This paper analyses the macroeconomic policy of FHC's second government (1999-2002), that was marked by fiscal, foreign exchange and monetary changes. In the fiscal area, a primary superavit was generated and the efforts towards a structural reform were increased. Regarding foreign exchange policies, the move from administered exchange to one of dirty floating allowed for an adjustment of the high deficit in the current account that occurred in the first term of office. In the monetary field, the regime of inflation goals substituted the subordination of the monetary policy to the defense of the exchange regime. These alterations brought a more sustainable and transparent regime to the country, but its efficiency was limited due to the inheritance of the old regime, that generated unbalances and also to the international and domestic financial instabilities of the period. The new regime is adequate for the creation of conditions for the recovery of investments and for economic growth, but the main present chalenges have more to do with the institutional and regulatory aspects than with the macroeconomic policy regime.

Ficha do documento

Tipo

Artigo científico

Ano

2003

Instituição

Departamento de Sociologia da Faculdade de Filosofia, Letras e Ciências Humanas da Universidade de São Paulo

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

DOI

10.1590/S0103-20702003000200008

Identificador

oai:repositorio.fgv.br:10438/20989

Temas

Finanças PúblicasAdministração Pública

Palavras-chave

BrazilEconomic policyFernando Henrique Cardoso' governmentBrasilPolítica econômicaGoverno Fernando Henrique CardosoAdministração públicaBrasil. Presidente (1999-2002 : Fernando Henrique Cardoso)Brasil - Política e governoBrasil - Política econômica