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Progress and ConfusionThe State of Macroeconomic Policy$
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Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers

Print publication date: 2016

Print ISBN-13: 9780262034623

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262034623.001.0001

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Some Lessons of the Global Financial Crisis from an EME and a Brazilian Perspective

Some Lessons of the Global Financial Crisis from an EME and a Brazilian Perspective

Chapter:
(p.219) 22 Some Lessons of the Global Financial Crisis from an EME and a Brazilian Perspective
Source:
Progress and Confusion
Author(s):

Luiz Awazu Pereira da Silva

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262034623.003.0022

This chapter makes a case for the pragmatic policy approach to policy making implemented in Brazil, and EMEs more generally. Initially, the approach consisted of textbook policies (adopt a floating exchange rate, keep debt within reasonable limits and control inflation) and pragmatic policies (self-insurance via reserves buildup and FX interventions to smooth exchange rate volatility). More recently, with the surge in capital inflows and the risks to financial stability, the approach has been successfully enhanced to include macro-prudential policies and refinements in FX intervention policies.

Keywords:   Brazil, emerging markets, capital flows, crises, pragmatic policy framework

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