摘要
20世纪80-90年代,巴西出现了严重的通货膨胀。为此,巴西政府实施了"雷亚尔计划",在钉住美元的汇率制度基础上,通过高利率政策稳定物价,有效抑制了通胀。但钉住制度使雷亚尔汇率失去了国际收支的调节功能,造成了巴西经常账户逆差不断扩大和国际收支失衡,高利率政策加重了巴西经济衰退,进一步加深了巴西的债务危机和货币危机,最终酿成了震惊世界的巴西金融危机。
Brazil experienced serious inflation in the 1980s and 1990s, so the Brazil＇s government implemented the ＂Real Plan＂ that on the basis of the exchange rate regime pegged to the dollar to stabilize prices through the high interest rate policy, and suppress inflation effectively. However, the Real exchange rate pegging system makes it lose the balance of payments adjustment function, and so to result in a growing current account deficit and balance of payments imbalances. Brazil＇s high interest rate policy aggravated the recession, further deepened the Brazilian debt and currency crises and led Brazil to the financial crisis eventually
出处
《南方金融》
北大核心
2014年第6期39-43,共5页
South China Finance
