Brazil: the international financial crisis and counter-cyclical policies

Ribeiro Soares, Fernando Antônio
Silva Moreira, Tito Belchior

2014-01-02T18:46:03Z

LC/G.2518-P

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Includes bibliography

This article evaluates the effectiveness of the counter-cyclical measures adopted by the Brazilian government to mitigate the effects of the subprime mortgage crisis, by analysing the repercussions of monetary, fiscal and credit policies on several of the main macroeconomic aggregates. The empirical analysis showed that expansionary credit policy was decisive for increasing family consumption and aggregate output during the crisis. While expansionary monetary policy also helped increase aggregate production during that period, investment expenditure did not respond to counter-cyclical policies.

MACROECONOMIA; POLITICA ECONOMICA; CICLOS ECONOMICOS; POLITICA FISCAL; POLITICA MONETARIA; POLITICA CREDITICIA; INDICADORES ECONOMICOS; FINANCIAL CRISIS; ECONOMIC CONDITIONS; MACROECONOMICS; ECONOMIC POLICY; BUSINESS CYCLES; FISCAL POLICY; MONETARY POLICY; CREDIT POLICY; ECONOMIC INDICATORS; CRISIS FINANCIERA; CONDICIONES ECONOMICAS;