We analyze the Brazilian experience in the 1990s to assess the effectiveness of controls on capital inflows in restricting financial inflows and changing their composition towards long term flows. Econometric exercises (VARs) showed that controls on capital inflows were effective in deterring...

This paper uses the futures market for the price level data to compare the relative performance of this market to the Brazilian economic authorities in forecasting inflation. The main result are: i)the futures market performed much better than the government; ii)the market`s forecasts are almost...

Since the conquest of hyperinflation, with the Real Plan, in 1994, the Brazilian financial system has grown from early infancy to late adolescence. We describe the process of maturing with emphasis on the defining features of the Brazilian financial system over the last 20 years: (1)...