This paper analyses the impact of Brazil's devaluation in 1999. This event represents an abandonment of the exchange rate anchor which had been used as a stabilisation plan since the introduction of the Real Plan in 1994. The reasons surrounding the abandonment of the exchange rate anchor are...

It has often been suggested that the trade-off between equity and efficiency can be overcome by achieving both goals sequentially. This article shows how the government of President Lula has tried to follow the latter, by first emphasizing economic orthodoxy, to be followed by measures to...