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de Araujo, Victor Leonardo
Gentil, Denise Lobato
Year of Publication: 
Series/Report no.: 
Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 1602
Abstract (Translated): 
This paper aims to show that the fiscal and monetary counter-cyclical actions implemented by Brazilian government after the financial crisis were frugal: the monetary policy was late and slowly slackened and the fiscal policy sustain a primary surplus budget, in the opposite direction of much important economies around the world. Besides, foreign sector played an important role - commonly disregarded by most economists: the paper will show that foreign demand was an important channel to permit the economic's recovery and the international level of liquidity's recovery, for his part, allowed a sharp cambial crisis retrieval.
Document Type: 
Working Paper

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