THE POSTWAR BRAZILIAN ECONOMY. Antecedents to crisis, 1945-64. Stabilization and reform, 1964-67. The collapse of foreign lending, 1982-85. SPECIAL FEATURES OF THE BRAZILIAN ECONOMY: POPULATION, EDUCATION, AND INCOME DISTRIBUTION. Postwar Brazilian demographics. Urbanization and political pressures on policymakers. Regional disparities. THE POLITICAL ECONOMY OF BRAZILIAN ECONOMIC POLICY: POPULISTS AND TECHNOCRATS. Brazilian economic populism before 1985. Technocracy and economic policymaking, 1964-85. Populism and technocracy in the cruzado plan, 1985-87. THE PUBLIC SECTOR AND ITS FINANCING. The measurement of fiscal trends in Brazil. The public sector deficit since 1970. The fiscal effects of the 1988 constitution. MONEY, INFLATION, AND INDEXATION. Inflation and the rise of indexation in Brazil. Did increases in the money supply cause inflation. Deficit financing through the inflation tax. EXTERNAL SHOCKS AND BRAZIL´S ADJUSTMENT: THE BOOM AND BUST IN BRAZILIAN FOREIGN BORROWING. The boom: capital inflows, 1964-82. Where it went: capital flow patterns during the boom. The closure of external capital markets to Brazilian borrowing. THE BURDEN OF ADJUSTMENT TO EXTERNAL SHOCKS: THE REAL EXCHANGE RATE AND REAL WAGES. The exchange rate and Brazilian external adjustment. External adjustment and the real wage. External economic policies and the burden of external adjustment. INVESTMENT AND LONG TERM GROWTH. Aggregate investment in Brazil, 1970-90. Recent evolution of the Brazilian capital stock. Investment and output in the past two decades. The composition and quality of investment. Conclusion: what has been learned and what can be done?. The lessons of Brazil´s experience. Tasks for the future. EPILOGUE. The plano real.

Coes, Donald V 1995 1995