Abstract
Presented as a model of monetary stabilization, the Real Plan laid the foundations upon which the dynamics of contemporary Brazilian economy unfold. Its impact extends far beyond the containment of inflationary pressures, with repercussions on the national economy as a whole. The macroeconomic scenario shaped by this plan catalyzed a transformation in the Brazilian political economy, standardizing the financialization process: since 1994, under its contours, there had been a restructuring and subsequent consolidation of the predominant role played by national finance in the power bloc built during the 1990s. The hypothesis of inertial inflation was a subsidy for its rules, with a central focus on the operationalization of Selic to meet internal aggregate demand and exchange rate appreciation. Thereby, by the way it changed the Brazilian economic panorama, the Real Plan is understood as a central concept in our economic history, a symbol of its time and the spirit of this era.
JEL: N26, N46
Keywords
Real Plan; Brazilian economy; Inflation; Power Block; Political economy