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This paper centers on the exchange rate regime of Brazil through the
1960 to 1975 period and why the policy makers declined to improve their trade
rate regimen, in 1948 brazil presented par value for the Cruzeiro, yet, in
1967 the crawling peg exchange rate regime was introduced, the crawling peg
system was centered on small and frequent change in the exchange rate which
was to indicate the changes in prices and inflation in Brazil, this exchange
Fee plan generated long term stability in the Brazilian currency the real.
In 1971 the US floated its currency and as a result the devaluation
of the dollar would affect the trade of the Brazilian currency with different
major currencies, during this time period the Brazilian policy makers believed that
the balance of payment was best handled by move and import control
incentives, industry circulation was in this period controlled by tariffs, subsidies and
the direct control on trade. This period was also classified by importance
Alternative strategy that was aimed at improving balance of trade, though the
Coverage creator later knew that the corrections would be even more effectively
managed utilizing the exchange rate system.
During the period Brazil
exports be much more competitive and there is slow inflation in the economy and
it seized to be known as a developing country, there are many factors that
Generated the resistant of the policy makers to alter the exchange rate regime.
Exchange charge regimes:
There are three types of trade programs and they include mounted
exchange rate, float exchange rate and pegged exchange rate regime, the mounted
exchange rate regimen is that which the currency of a state has direct
convertibility to a different currency. The flow charges is just a program that involves
letting the demand and supply in the market to find out exchange rate however the
economy could intervene to be able to avoid depreciation, finally the float
is a plan where the currency is placed for some benefit which will be occasionally
adjusted or fixed.
In 1968 policy designers launched a crawling peg system that has been
Centered on small and frequent adjustment in the exchange rate, the frequent
Changes were designed to signify the changes in inflation and rates in Brazil,
this exchange rate regimen generated long haul security in the Brazilian currency
The actual and with this reason any reason wasn't found by the policy makers to
change the exchange rate regime at that time.
The pegged exchange program paid down uncertainty in exchange rates of
the currency, this is because the persons would have the information that the
currency wouldn't devalue or revalue by way of a large margin and for that reason
future generation was doable Longines Swiss Replica Watches regarding production.
This system that Brazil
adopted also paid off speculative attacks related to other kinds of
Change systems, nevertheless the economy could not get speculative gains from this
Form of exchange rate system. During this period also Brazil experienced slow inflation and
Charges become more competitive in the international market, this system also
Helped the country to boost its balance of payment and for that reason coverage
Manufacturers did not have the requirement to change the exchange rate regime as a result of large
During this era the policy makers believed that the total amount of
trade was most useful handled through trade policies such as for example charges, subsidies and
Importance get a handle on, that is why therefore there is increased commercial
Extension to attempt import substitution and this ed to spectacular growth in
brazil, Brazil exports be competitive in the global because of gradual
inflation in the economy and Brazil seized to be known as a developing
Region. For this reason strategy therefore the policy makers didn't concentrate
much on the meaning of the exchange regime to control balance of trade.
Nevertheless the policy maker later realized that the alterations could be even more
Effortlessly handled utilising the exchange rate system.
Before 1971 the US hadn't floated its currency and because Brazil
exchange rates were on the basis of the dollar there clearly was reduced shocks and inflation
that would be brought on by shocks and outside forces, though the introduction of
the flow regime in america led to the devaluation of the Brazilian currency and
Competitive prices were eroded by this in Brazilian exports, consequently this
Decline made Brazil to appreciate the value of the exchange rate system
in the economy.
As Brazil competitiveness rejected in the global market the
Their exchange rate regime was changed by policy makers in to a floating rate regime
However the issue persisted where in actuality the country was compelled to fund its current
account deficits through debts, because of this it is therefore clear that the
policy makers also declined to improve their exchange rate regimen because of the US
Failing continually to adopt a float program until 1971, after the floating of the money
That your Brazilian economy had pegged its currency in 1971 the Brazilian
currency seasoned devaluation and for this reason the existing account deficits
Improved and also this eroded competitive prices in the international market.
From the above mentioned discussion it's obvious that the Brazilian plan
Manufacturers declined to improve their exchange rate regimen, some of the reason
they failed to change the program is basically because they considered that only deal
Procedures were important in deciding balance of trade, that is why the
Coverage manufacturers concentrated on trade policies such as for instance charges, subsidies and
direct trade control, further spectacular expansion was experienced in this period
where import substitution strategy was targeted at production of consumer goods,
Essential inputs and capital goods and all this were directed at improving stability of
Also because of the numerous strengths which can be linked to the placed
system the country did not change its program this system paid down uncertainty in
exchange rates of the currency and also decreased speculative attacks in the
economy, which means policy makers didn't find any reason to improve its
In 1976 when there clearly was a change in the Brazilian currency the
Nation had number alternative but to put more emphasis on the importance of the
exchange rate regime in improving the balance of payment, this generated the
economy adjusting its regime into a floating currency regime following a devaluation
of the currency whilst the US dollar was floated in 1971.
(1999) Concise History of Brazil, Cambridge
university press, Cambridge
Brazil change fee
plan (2008) history of Brazil
exchange rate policies, retrieved on 19th March, offered at
(1994) Economic Growth of Brazil,
University of California
(1993) Introduction to Brazil,
Costa Cruz (1964) a
History of Some ideas in Brazil, University of Seiko Rubber Band Fake Watch California
Gruben T and Welch
H (2001) Banking and the Currency Crisis in Brazil, restored on 19th
March, available at
The IMF (2008) Brazil
Trade rate history, restored on 19th March, offered by
economics (2008) Exchange Rate Regime of Brazil, retrieved on 19th
March, available at