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Title:Do structural reforms always succeed? Lessons from Brazil PDF Logo
Authors:Arbache, Jorge Saba
Issue Date:2004
Series/Report no.:Research Paper, UNU-WIDER, United Nations University (UNU) 2004/58
Abstract:In the last twenty years, Brazil has undergone several attempts of improving sustainable growth through stabilization programmes, and more recently, structural reforms in line with the Washington Consensus Agenda. The results, however, have been disappointing, as the per capita output growth has remained below its historic trend, and poverty and inequality remain at high levels. This paper investigates why market-oriented reforms such as trade and capital account liberalization, privatization, deregulation and stabilization failed to boost growth in Brazil. We conclude that structural reforms may contribute to growth if accompanied by microeconomic policies tailor-made to address the country’s needs, and by appropriate macroeconomic, institutional and political environments.
Subjects:structural reforms
policy coordination
fiscal policy
stabilization
trade liberalization
political economy
Brazil
JEL:E61
E62
E63
E65
F15
P11
P16
ISBN:9291906514
Document Type:Working Paper
Appears in Collections:WIDER Research Papers, United Nations University (UNU)

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