Brazilská měnová krize 1998/1999:
p { margin-bottom: 0cm; direction: ltr; color: rgb(0, 0, 0); widows: 2; orphans: 2; }p.western { font-family: "Times New Roman",serif; font-size: 12pt; }p.cjk { font-family: "Times New Roman",serif; font-size: 12pt; }p.ctl { font-family: "Times New Roman",serif; font-size: 12pt; }a:visited { color: rgb(128, 0, 128); }a.western:visited { }a.cjk:visited { }a.ctl:visited { }a:link { color: rgb(0, 0, 255); }a.sdfootnotesym-western { font-family: "Times New Roman",serif; font-size: 12pt; text-decoration: none; }a.sdfootnotesym-cjk { font-size: 12pt; text-decoration: none; }a.sdfootnotesym-ctl { font-family: "Times New Roman",serif; font-size: 12pt; text-decoration: none; }
p.sdfootnote-western { color: rgb(0, 0, 0); font-family: "Times New Roman",serif; font-size: 10pt; }p.sdfootnote-cjk { color: rgb(0, 0, 0); font-family: "Times New Roman",serif; font-size: 10pt; }p.sdfootnote-ctl { color: rgb(0, 0, 0); font-family: "Times New Roman",serif; font-size: 10pt; }p { margin-bottom: 0cm; direction: ltr; color: rgb(0, 0, 0); widows: 2; orphans: 2; }p.western { font-family: "Times New Roman",serif; font-size: 12pt; }p.cjk { font-family: "Times New Roman",serif; font-size: 12pt; }p.ctl { font-family: "Times New Roman",serif; font-size: 12pt; }a:visited { color: rgb(128, 0, 128); }a.western:visited { }a.cjk:visited { }a.ctl:visited { }a:link { color: rgb(0, 0, 255); }a.sdfootnoteanc { font-size: 57%; }a.sdfootnotesym-western { font-family: "Times New Roman",serif; font-size: 12pt; text-decoration: none; }a.sdfootnotesym-cjk { font-size: 12pt; text-decoration: none; }a.sdfootnotesym-ctl { font-family: "Times New Roman",serif; font-size: 12pt; text-decoration: none; }
p.sdfootnote-western { color: rgb(0, 0, 0); font-family: "Times New Roman",serif; font-size: 10pt; }p.sdfootnote-cjk { color: rgb(0, 0, 0); font-family: "Times New Roman",serif; font-size: 10pt; }p.sdfootnote-ctl { color: rgb(0, 0, 0); font-family: "Times New Roman",serif; font-size: 10pt; }p { margin-bottom: 0cm; direction: ltr; color: rgb(0, 0, 0); widows: 2; orphans: 2; }p.western { font-family: "Times New Roman",serif; font-size: 12pt; }p.cjk { font-family: "Times New Roman",serif; font-size: 12pt; }p.ctl { font-family: "Times New Roman",serif; font-size: 12pt; }a:visited { color: rgb(128, 0, 128); }a.western:visited { }a.cjk:visited { }a.ctl:visited { }a:link { color: rgb(0, 0, 255); }a.sdfootnoteanc { font-size: 57%; }a.sdfootnotesym-western { font-family: "Times New Roman",serif; font-size: 12pt; text-decoration: none; }a.sdfootnotesym-cjk { font-size: 12pt; text-decoration: none; }a.sdfootnotesym-ctl { font-family: "Times New Roman",serif; font-size: 12pt; text-decoration: nIn January 1999, the real was floated. Although the previous exchange rate management policy had failed, Brazil’s macroeconomic performance during 1999 was better than expected and significantly less bad that in other emerging countries hit by currency crises. Inflation did not rise much and certainly did not spiral out of control as many had feared. GDP did not fall and instead grew by 0.8% in 1999, before recovering with higher growth rates. The Brazilian growth rate was very low, however, averaging only 1.8% over the 1999-2003 period.
There were several reasons why the 1999 crisis was not more disruptive of growth:
An important reason was that the private sector and especially the non-financial corporate sector had hedged their dollar liabilities by purchasing dollar-linked securities and by taking short real positions in the futures markets. This hedging had been facilitated by the Brazilian Treasury and the BCB issuance of dollar-linked securities and similar derivatives trades prior to the crisis. Although the prior provision of US$ linked securities and of derivative instruments had not been enough to prevent the collapse of the peg, the outstanding stock of these instruments implied that there were only mild balance sheet effects in the private sector and practically no bankruptcies even though the depreciation of the real was very large – by 30% between December 1998 and March 1999.
p { margin-bottom: 0cm; direction: ltr; color: rgb(0, 0, 0); widows: 2; orphans: 2; }p.western { font-family: "Times New Roman",serif; font-size: 12pt; }p.cjk { font-family: "Times New Roman",serif; font-size: 12pt; }p.ctl { font-family: "Times New Roman",serif; font-size: 12pt; }a:visited { color: rgb(128, 0, 128); }a.western:visited { }a.cjk:visited { }a.ctl:visited { }a:link { color: rgb(0, 0, 255); }a.sdfootnotesym-western { font-family: "Times New Roman",serif; font-size: 12pt; text-decoration: none; }a.sdfootnotesym-cjk { font-size: 12pt; text-decoration: none; }a.sdfootnotesym-ctl { font-family: "Times New Roman",serif; font-size: 12pt; te ...
