Crédito ao consumidor: uma avaliação dos primeiros anos do Plano Real [The effect of the "Plano Real" on consumer credit: an evaluation of the initial years]

The purpose of this paper is to examine effects of Brazilian "Plano Real" on credit during the initial years of implementation, and the profile of the borrower during this period. After the adoption of the Plano Real, there was an increase in the duration of contracts, from a maximum of 3 months in January 1995 to 36 months in August 1996. Personal characteristics of the borrower were less important than the characteristics of the credit. Thus the value and the number of installments were the main determinants of the probability of default just after the adoption of the Real.