499:, argued Sargent, would have been "a sideshow that hasn't touched the fundamental causes of inflation", and again Franco took issue with that, writing in 2017, but this time on the back of the successful adoption of the URV mechanism. According to Franco: "Understandably", Brazilians "did not take these observations seriously" as "the country was enchanted by the URV mechanism in view of practical problems it solved elegantly, efficiently and voluntarily, so that they received with blunt indifference a thesis from an outside observer claiming that the mechanism had no utility".
914:, had to recognize previous losses, be recapitalized, abide by "Basle Rules" and cease to have unrestricted accommodation at the Central Bank. Provincial banks entered a severe adjustment program through which several liquidations and privatizations reduced their size to almost negligible. Some private banks in trouble entered a program through which the Central Bank financed liquidations, resolutions and changes in control of banking activities. It was a heavy agenda with the banking system, public and private, to reorder the monetary system and its governance.
391:. His original thesis had four theoretical chapters on topics as the adoption of indexation in contracts, inflation (stabilization) as public good problem, plagued by free rider issues, the inflation tax as motivation to the process and the dynamics of dollarization, distributive tensions and external balance. The applied chapters were case studies for Germany, Austria, Hungary, and Poland, also including some common themes like the relation between external imbalances, dollarization and fiscal reforms in the context of specific stabilization experiences.
778:, mostly of a short-term nature. Capital surges had been producing restrictive measures in many countries, most visibly (for Brazilians) Chile, where restrictions took the form of a “quarantine”, or a minimum stay for foreign capital. In Brazil, instead, restrictions were implemented mostly as a tax of foreign exchange inflows, and without any “quarantine”. The formula was used many times over in later moments of foreign exchange abundance in order to reduce appreciation and/or the extend maturities of foreign liabilities.
925:, approved during the constitutional revision in March, 1993) which removed most of earmarking in the budget, and allowing the National Treasury to regain control of budgeted expenses. Even so, primary fiscal results were weak during the first few years after 1994. Due to the advancement of reforms, these weak fiscal numbers did not become an issue until the Asian crisis in 1997 and especially in 1998 with the Russian crisis, when Brazil entered an agreement with the
899:
experiments were called "heterodox shocks" not only because of direct intervention in prices and intrusive currency reforms, but also for their practical disregard of fiscal "fundamentals" and monetary policies. The Real Plan followed a different path opening several reforms agendas attacking fundamental disequilibria at the core of the hyperinflation process.
886:, inflation fell below 20%, on a 12 months accumulated basis, only in April 1996, 22nd month after the introduction of the new currency; below 10% only in December, 30th month of the real. Within the calendar year of 1997, the rate of inflation was 5,2%, and in 1998 inflation was finally reduced to 1,6%, the lowest rate on record since the creation of the
918:
policies. These programs templates provided a framework to a new Public
Finances Law, proposed in 1999, creating benchmarks and limitations for indebtedness and wages expenses, later approved under the designation "Fiscal Responsibility Law", held to be a major progress in securing fiscal balance in the public sector in Brazil .
641:, Plan of Immediate Action), released on June 13, 1993. In sharp contrast with previous stabilization attempts, this document seemed to point that the Real Plan would start by the end offering “some sort of strategic planning of actions in issues associated with the so-called fiscal and monetary fundamentals to stabilization”.
544:) of the United Nations University during 1990 and 1991. The first was on the influence of trade orientation on development models and was published as "Foreign Direct investment and patterns of trade and industrialization in developing countries: notes with reference to the Brazilian experience" in G. K. Helleiner (org.)
882:(on average for he first semester of 1994), or 7.260% annually, up to July 1994, the first month of existence of the new currency. In July alone prices rose 6,8%, but the accumulated inflation for the next twelve months was only 33,0%. From this level onward, inflation goes on declining slowly: measured by
329:, where he developed interests in economic history and macroeconomics. At PUC-Rio he had his first job as teaching assistant working with Edmar Bacha, then preparing a macroeconomic textbook, self-defined as of a neo-structuralist approach, and later to become very popular in Brazil, with several editions
729:
debt and the Dart family, who did not wish to adhere to the Brady exchange. With these issues sorted out the challenge for the
Republic was to return to international markets with new bonds and proceed with the building of a yield curve. The new program coordinated and executed by Franco comprised 16
681:
At the moment Franco and Malan started working together at the
Central Bank, the debt negotiation process was around the precise form of exchange of Brazilian currency denominated deposits owned by creditors (under the MYDFAs, Multi Year Deposit Facility Agreement) for newly issued bonds according to
512:
London, Macmillan Press. 2000). Later, his research on the early years of the
Republic would communicate well with his work of Machado de Assis newspapers articles as per his selection of chronicles under the title "O olhar obliquo do acionista" ( "Shareholders oblique look", as literal translation).
507:
In sequence to the work on monetary reforms in the early years of the
Republic, Franco published several pieces on the Brazilian monetary experience in the years prior to the Great Depression. All this work is in Portuguese except "Aspects of the Brazilian Experience with the Gold Standard", in Pablo
753:
The architecture of liberalization was based on the creation of new and segregated market for US Dollars in which rates were determined by supply and demand in parallel to the official market and to compete upfront with the “black market”. Initially fed only by
Dollars sold by tourists, the scope of
757:
From 1988 to 2006, when all legal markets were unified, deregulation consisted in expanding the nature of transactions that could take place in the free market, including gold related arbitrages, and remittances from non-resident local currency accounts, though always preserving full identification
332:
Winston
Fritsch was his advisor in his M. A. thesis on the topic of financial euphoria and crash in the early years of the Brazilian Republic (1889-1890) and the attempts at monetary reform in connection either adhering to the gold standard or, alternatively to experience with fiat currency models,
410:
He had an intense academic activity during these years; his research interests had three key themes: (i) on high inflation and on the basis of topics and issues raised in his doctoral dissertation; (ii) on Brazil's economic history, mostly in connection with macroeconomic and monetary issues; and
984:
Rio Bravo was active in private equity first through Rio Bravo
Nordeste I FMIEE (focused on SMEs in the Northeast region), later, in 2007, with Rio Bravo Nordeste II, the largest regional private equity fund in the country. In February 2006 Rio Bravo acquired MVP Mercatto Venture Partners Ltda.,
394:
This work was nominated to the David Wells Prize in
Harvard and was awarded a national prize ("Prêmio Haralambos Simionides") in 1987, for the best Ph.D. thesis or book in economics, given by the National Association of Graduate Studies in Economics (ANPEC, Associação Nacional de Centros de Pós
917:
There were numerous fiscal adjustment initiatives, starting with several rounds of debt refinancing with adjustment programs with the states during 1993–1998. The
Federal Government gave accommodation to states in exchange for orthodox fiscal programs and several limitations as to their fiscal
902:
The first was related to the institutional organization of the monetary system. the National Monetary Council was recaptured and reduced to three members (ministers of Finance and Planning and the Governor of the Central Bank), recomposing the commitment of top level decision making to price
898:
Before the Real Plan, five stabilization attempts failed between 1986 and 1991 all of which involving price freezes, all but one creating a new currency and one, the so-called Collor Plan in 1990, with an asset freeze much like monetary reforms in Europe following World War II. These failed
1557:
Gustavo Franco's bold use of power: Brazil long needed a heavyweight in the central bank chair and now it's got one. Gustavo Franco earned his spurs in last October's Asia meltdown. His policy regime, especially the use of capital controls, is being studied around the
790:(Unidade Real de Valor) mechanism, that is, a "money of account" to be freely used in contracts and obligations in order to realign relative prices and coordinate price fixing around the exchange rate. It was also established that at some point in the near future, the
636:
to produce some solution to inflation, then approaching 30% per month. The team's first major announcement was described by Franco, as a “non-package” or rather “an ambitious collection of medium term fundamentalists agendas”, curiously named as PAI (acronym for
575:
and ECLA, and published in the academic circuit on these same issues. Franco would return to these themes only after 1995 when, as deputy governor of the Central Bank responsible for international affairs organized a Census on foreign direct investment into
705:
representatives did not feel comfortable with the drafts of the Real Plan shown during the negotiations of the stand-by agreement and refused to go on with the loan, forcing the Brazilian authorities to develop some alternative strategy to acquire the
730:
new issues in 10 different currencies, between 1995 and 1998, totaling US$ 8,2 billion, including the issuance of the so called "BR-27" (the first 30-year bond voluntarily issued in decades, falling due in 2027) in exchange for cash and for
952:
regime. Franco's account of controversies around the use of the exchange rate in the stabilization effort and of the dialogue between short term policies and long term reform goals was laid out in several of his writings, some in English.
769:
in foreign trade, portfolio investment and turned “registry” of foreign capital inflows into a statistical event, and no longer dependent on authorization. Interestingly, however, one key innovation introduced along with liberalization of
668:
related to operational aspects of external debt restructuring under the Brady Plan, then at decisive moments, the administrative structures in charge of exchange controls, bound to be transformed by an ambitious deregulation process, the
947:
Shortly after, Brazil moved into what was known as the "tripoid" policy: floating exchange rates, primary fiscal surplus and inflation targets. Brazil was ready, at this point, to switch from the exchange rate "anchor" into the
661:, and André Lara Rezende replaced Malan was chief negotiator of then pending Brazilian external debt. With this enlarged composition, the economic team around minister Cardoso started preparations towards the Real Plan.
624:. The other economists in the group were Winston Fristch, as Secretary of Economic Policy and Edmar Bacha as special adviser. In his memoir, Cardoso recollects that “with a small team facing a gigantic challenge, as a
556:). The second, on the same issues but focused on trade and industrial policies was published as "Import repression, productivity slowdown, and manufactured export dynamism: Brazil,1975-1990" in Gerry Helleiner (org.)
754:
transactions was gradually extended, while, liberalization in the official market, along with a better balance of payments stance, resulted in gradually eliminating the spread between official and free markets.
1668:
860:(now the real) and the Dollar, fell below R$ 1,00 (i. e. it appreciated) with a great positive impact on expectations and marking the successful conclusion of the stabilization process first phase.
419:
Two papers out of specific chapters of his doctoral dissertation were published in peer reviewed journals and had some relevant repercussion on his later work of fighting hyperinflation in Brazil:
826:, and monetary policy. The third, closing the cycle of monetary reform, was a detailed statute for indexation practices that was implemented exactly one year after the real was first issued.
403:
Returning to Brazil in 1986, as a faculty member at the Economics Department at PUC-Rio, Franco worked as teacher, researcher and consultant from 1986 to 1993 when he was called to work with
1542:
As extensively described in John G. Gurley, “Excess liquidity and European monetary reforms, 1944-1952” American Economic Review XLIII March, 1953. Reproduced in Barry Eichengreen (org.)
973:(Real Estate Investment Trusts) and also with the public distribution of securities. Rio Bravo developed investment banking activities from 2003, when it acquired the local operation of
588:
Between 1993 and 1999, Franco was active in public service. He started in May 1993 as Deputy Secretary of Economic Policy at the Finance Ministry up to October 1993 when he moved to the
1488:
The model proposed in 1985, and then became known as the "Larida Plan" was never attempted in its original format, as published as "Inertial Inflation and Monetary Reform: Brazil
992:
In 2005 a Rio Bravo started Rio Bravo Project Finance Ltd to advise clients in infrastructure projects and also Rio Bravo Fundamental, a value driven listed equity mutual fund.
1136:
A summary of the Brazilian high inflation experience written by Franco can be found in "The political economy of the Brazilian hyperinflation" in Maria D'Alva G. Kinzo (org.)
786:
The Real Plan had as central element a monetary reform effected through three successive measures: the first and more important introduced on February 28, 1994, created the
694:
Zero Coupon bonds with certain features, with a face value of approximately US$ 18 billion (and market value of US$ 2,8 billion) to be acquired with funds provided by the
1233:
3, 1990; "Inversión extranjera directa y pautas de la industrialización y el comercio exterior en los países en desarollo; Notas con referencia a la experiencia brasileña"
572:
541:
1653:
1463:
For a review and discussion see “Capital inflows into , 1992-98: the nature and effects of controls and restrictions” in Sebastian Edwards & Marcio Garcia (orgs.)
1392:
1308:
989:
management company based in Rio de Janeiro. Later, in October 2010, Rio Bravo raised its first private equity fund dedicated to investments in renewable energy.
326:
271:
205:
592:
in the position of Deputy Governor responsible for International Affairs, position he occupied until 1997, and only interrupted by a brief tenure as governor of the
1388:
437:
as result of a wide-ranging fiscal "regime change". The role of dollarization and of currency reforms were wrongly downplayed by Sargent, as argued by Franco.
804:, and reflected also previous models of monetary reform conceived by André Lara Rezende and Persio Arida. At this moment, the new national currency, the
710:
bonds in the secondary market using Brazil's international reserves. The deal was described in detail in Guilherme Fiuza's book in the chapter titled
735:
707:
691:
612:
Franco served as Deputy Economic Policy Secretary at the Finance Ministry from May to October 1993 by invitation from the newly appointed Minister,
686:'s menu. In the final sequence of this process, Franco was in charge of the composition of the collateral guaranties for the new bonds under the
1191:
28:
1158:
1074:
Aspects of the Economics of Hyperinflations: Theoretical Issues and Historical Studies of Four European Hyperinflations of the 1920s (1986)
373:
907:(known as COPOM - acronym of Comitê de Política Monetária) was created securing Central Bank's independence in fixing the interest rate.
856:
abstained from intervening in the foreign exchange market and let the new currency float. In consequence, the exchange rate between the
533:, OECD, Paris, 1991), another was "Efficient Industrialization in a Technologically Dependent Economy: The Current Brazilian Debate" in
883:
875:
871:, but remained one of the more controversial aspects of the Brazilian stabilization experience, and one generally addressed to Franco.
822:. Also, this second instrument introduced some very important institutional changes in monetary governance, with a major reform in the
278:
where he works as Senior Advisor. He has written several books, academic papers and contributes regularly to newspapers and magazines.
1648:
904:
750:, a modernization imperative and an essential condition for the prevalence of supply and demand as determinants of the exchange rate.
452:- that is, emergency monies of private issuance and with "stable value" as they had indexation clauses -, and the way this led to the
1364:
1331:
1099:
565:
553:
389:
Aspects of the Economics of Hyperinflations: Theoretical Issues and Historical Studies of Four European Hyperinflations of the 1920s
325:
and Colégio Notre Dame de Sion in 1960/1974. He obtained a bachelor's (1975–1979) and master's (1983) degree in economics at the
189:
1439:
1415:
1284:
833:
was CR$ 647,50, more or less equivalent to one Dollar, as it was its final quote as CR$ 2.750,00, on July 1, 1994, when the
961:
After a sabbatical year back at the Catholic University as full-time professor, Franco founded an investment company named
294:, and his father, Guilherme Arinos Lima Verde de Barroso Franco, was born in Itacoatiara, at the backlands of the state of
1658:
628:'s Army, ... we started to work, under a very discouraging political atmosphere”. This team faced a paradoxical pressure:
970:
829:
The URV existed as legal tender, though only as unit of account, during four months: its initial quote with respect to
349:("Reforma monetária e instabilidade durante a transição republicana"") and became a reference to the period it covers.
933:
926:
702:
695:
460:
was a crucial step in the German stabilization, and not a "cosmetic measure", as put by Thomas Sargent. In fact, the
823:
411:(iii) on trade policies, multinational enterprises and economic development, in collaboration with Winston Fritsch.
600:, until leaving on January 9, 1999, and briefly returning in March 1999 to transfer his functions to his successor
307:
295:
1520:
1.053 issued on June 30, 1995, was reennacted many times until final approval as Law 10.192 on February 14, 2001.
1094:
Edmar Lisboa Bacha Introdução à macroeconomia: uma perspectiva brasileira. Rio de Janeiro, Editora Campus, 1982,
974:
937:
613:
404:
372:. He had brief fellowships at the CFIA (Center for International Affairs), CES (Centre for European Studies) and
109:
64:
621:
380:
746:
Exchange controls deregulation was one of the greatest challenges of the International Affairs section of the
649:
Franco was appointed Deputy Governor for International Affairs at the Central Bank on September 8, 1993, when
495:, that one could not solve the hyperinflation problem by "changing the name of the independent variable". The
849:
notes, so that one entirely new family of notes was issued at once, a remarkably difficult logistics effort
670:
625:
530:
522:
965:, based in São Paulo, to manage mutual funds, structured products, and private equity, in association with
867:, later under a "target zone regime", or "exchange rate bands", resulted immensely successful to eliminate
1663:
1597:
887:
864:
853:
762:
747:
665:
597:
593:
589:
259:
39:
1229:"Política Industrial, Competitividade e Industrialização: aspectos da experiência brasileira recente in
857:
838:
805:
791:
787:
496:
484:
353:
342:
209:
995:
In May 2008 Rio Bravo spun off its real estate based securitization business into a new company called
290:
on April 10, 1956. His mother Maria Isabel Barbosa de Barroso Franco, was from Teófilo Otoni, state of
1643:
878:- published by the National Statistics Bureau - IBGE, were as follows:inflation was running at 43,1%
424:
311:
223:
1023:
1008:
949:
921:
Another important initiative was the 1993 Constitutional Amendment known as Social Emergency Fund (
213:
306:. Arinos was a member of the first board of directors of the Brazilian National Development Bank,
1382:
1302:
1251:
448:
London, Edward Elgar Publishing Ltd, 1991, was an account of the unique experience in Germany of
384:
364:, for which he headed. There he chose as fields of specialization, international economics under
361:
219:
176:
969:. In August 2001 Rio Bravo acquired a broker dealer called Mercurio DTVM and started to manage
1421:
1411:
1370:
1360:
1337:
1327:
1290:
1280:
1187:
1154:
1095:
801:
561:
549:
540:
In sequence, Franco and Fritsch worked in two projects directed by Gerry Helleiner for WIDER (
488:
480:
461:
457:
453:
430:
369:
303:
521:
Franco worked in collaboration with Winston Fritsch in a series of projects supported by the
596:
between December 1994 and January 1995. On August 20, 1997 he was confirmed governor of the
1440:
https://www.bcb.gov.br/htms/infecon/dividarevisada/03%20publica%C3%A7%C3%A3o%20completa.pdf
274:
since 1986. He is also a businessman, consultant and has served on many boards. He founded
1216:"The Political Economy of Trade and Industrial Policy Reform in the 1990s", ECLAC (CEPAL)
978:
911:
357:
299:
1609:
874:
The results of the Real Plan on inflation, as measured by national cost of living index,
654:
88:
1555:
According to Brian Caplen (Euromoney, IMF Meeting Issue, September 1998, pp. 126-127), "
464:
model was very relevant for the design of the Brazilian 1994 monetary reform, known as "
422:"Fiscal Reforms and Stabilization: four hyperinflation cases examined" was published in
868:
766:
434:
322:
315:
287:
267:
251:
162:
1573:
n. 217, April 2000. International Finance Section, Department of Economics, Princeton.
1637:
1625:
617:
601:
492:
365:
131:
60:
814:
796:
664:
In parallel, Franco had executive responsibilities in International Affairs at the
291:
27:
1068:
Foreign Direct Investment in Brazil: Its Impact on Industrial Restructuring (1991)
1041:
As Leis Secretas da Economia: Revisitando Roberto Campos e as Leis do Kafka (2012)
852:
At the day of the first issues of the new currency, in an unprecedented move, the
929:
and started a decade long period of primary surpluses at the level of 3% of GDP.
1590:
1140:. London, Institute of Latin American Studies & British Academic Press,1993.
1062:
O Desafio Brasileiro: Ensaios sobre Desenvolvimento, Globalização e Moeda (1999)
1014:
Franco has been a member of several boards. He is now active as board member of
731:
718:
650:
334:
76:
1123:
Thomas J. Sargent "The Ends of Four Big Inflations”, in Robert E. Hall (org.),
1059:
O Papel e a Baixa do Câmbio: Um Discurso Histórico de Rui Barbosa (org.) (2005)
1019:
1374:
1341:
812:. The second, launched at July 1, 1994, complemented the reform, demonetizing
726:
722:
687:
683:
465:
302:
and during the war started a lifelong friendship and association to President
197:
1533:
n. 217, April 2000. International Finance Section, Department of Economics, .
444:(Second Series, Volume 4, 1987), then republished in Barry Eichengreen (ed.)
1425:
1294:
1071:
A Década Republicana: o Brasil e a Economia Internacional - 1888/1900 (1991)
941:
263:
255:
1479:
434, issued February 27, 1994 late turned into Law 8.880, on May 27th 1994.
962:
275:
1237:
130, enero-marzo 1991 e "Política Comercial no Brasil: passado e presente
1050:
O Olhar Oblíquo do Acionista: A Economia em Machado de Assis (org.) (2007)
1044:
Cartas a um Jovem Economista: Conselhos para seus Planos Econômicos (2010)
1569:
Most notably Gustavo H. B. Franco. “The Real Plan and the Exchange Rate”
1056:
Crônicas da Convergência: Ensaios sobre Temas já não tão Polêmicos (2006)
1015:
966:
845:. In consequence of this unusual parity it was not possible to stamp old
527:
Foreign direct investment and industrial restructuring: issues and trends
379:
Sachs and Eichengreen were his supervisors, and along with MIT professor
352:
In sequence, Franco was accepted in Ph.D programs in the universities of
1508:
542, issued June 30, 1994, later approved as Law 9.069 on June 29, 1995.
1203:
Trade policy issues in Brazil in the 1990s. Report prepared for UNCTAD.
1149:
Thomas J. Sargent, "Reasonable doubt about the Real Plan" reproduced in
1077:
Reforma Monetária e Instabilidade Durante a Transição Republicana (1983)
1000:
996:
577:
510:
Monetary standards in the periphery: paper, silver and gold, 1854-1933 (
449:
1111:
620:, who had become president in December 1992 after the resignation of
166:
1035:
A Moeda e a Lei: Uma História Monetária Brasileira, 1933-2013 (2017)
1357:
A moeda e a lei : uma história monetária brasileira, 1933-2013
1324:
A moeda e a lei : uma história monetária brasileira, 1933-2013
794:
would become the national legal tender to replace then circulating
310:, and later, at the private sector, was a high ranked executive of
658:
580:
that has been conducted and published each five years since 1995.
546:
Trade Policy, Industrialization and Development: a reconsideration
476:) played a vital role for the ending of Brazilian hyperinflation.
407:, the newly nominated Finance Minister then starting his tenure.
1529:
See Gustavo H. B. Franco. “The Real Plan and the Exchange Rate”
1465:
Financial markets volatility and performance in emerging markets
1153:, Third Edition, Princeton, Princeton University Press, p. 241,
1007:
from Japan. In August 2016, Rio Bravo's control was acquired by
1004:
383:, formed his thesis committee. Franco earned his Ph.D Degree at
347:
Monetary reform and instability during the republican transition
1408:
3.000 dias no bunker : um plano na cabeça e um país na mão
469:
1184:
A moeda e a lei: uma história monetária brasileira, 1933-2013
645:
Deputy Governor for International Affairs at the Central Bank
1279:. Setti, Ricardo A. Rio de Janeiro: Civilização Brasileira.
327:
Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio)
1053:
A Economia em Pessoa: Verbetes Contemporâneos (org.) (2006)
1496:. Washington, Institute for International Economics, 1985.
774:
was the selective restriction applied on certain types of
999:, with no shareholding from Rio Bravo partners. In 2016
940:
for a second term in 1998. Franco received late in 1998
343:
Prêmio BNDES de Economia" for the M. A. thesis in Brazil
321:
Gustavo Franco attended Colégio São Vicente de Paulo in
1669:
Pontifical Catholic University of Rio de Janeiro alumni
1454:
n.5 of 1969, the regulatory reference of such accounts.
977:, until 2007 when these activities were transferred to
734:, thus recovering the previously offered collateral in
468:", in which a similar quasi-currency, under the name o
1494:
Inflation and Indexation: Argentina, Brazil and Israel
1467:, Chicago, The University of Chicago Press & NBER.
1110:
A revised version of the dissertation is available at
262:, is best known for being one of the "fathers" of the
841:
was turned into the national currency and renamed as
558:
Trade policy and industrialization in turbulent times
537:
Committee of Competition Law and Policy, OECD, 1991.
1205:
Departamento de Economia PUC-RJ Texto para Discussão
808:
would have its denomination conveniently changed to
742:
Forex deregulation and phasing out exchange controls
673:
trading desk and international reserves management.
233:
196:
183:
172:
146:
141:
125:
115:
105:
82:
70:
56:
38:
18:
1038:Antologia da Maldade (with Fabio Giambiagi) (2014)
542:World Institute for Development Economics Research
206:Pontifical Catholic University of Rio de Janeiro
985:renamed as Rio Bravo Venture Partners Ltda., a
571:Franco and Fritsch also worked in projects for
548:. (Oxford, Clarendon Press for UNU-Wider, 1992
1011:, one of the largest private groups in China.
863:The combination of tight monetary policy with
1546:, Cambridge, Elgar Reference Collection, 1992
1277:A arte da política : a história que vivi
944:'s prize “Central Banker of the year, 1998”.
677:External debt, Brady Plan and new bond issues
8:
1322:Franco, Gustavo Henrique de Barroso (2017).
1307:: CS1 maint: multiple names: authors list (
52:31 December 1994 – 11 January 1995
1391:) CS1 maint: multiple names: authors list (
616:, the fourth Finance Minister of president
345:. This work was published as a book titled
1579:
1387:: CS1 maint: location missing publisher (
1355:Barroso, Franco, Gustavo Henrique (2017).
761:After 1995, under Franco's direction, the
690:. These guaranties would take the form of
26:
15:
1127:Chicago, The University of Chicago Press.
517:Foreign trade and multinational companies
487:, evoking the German experience with the
433:popular explanation to the sudden end of
341:in 1982 and in 1983 won the prestigious "
1654:Presidents of the Central Bank of Brazil
894:Institutional aspects and "fundamentals"
653:was appointed Governor. Simultaneously,
560:(London: Routledge for UNU-Wider, 1993,
429:vol. 100, no. 399, March 1990) disputed
1598:President of the Central Bank of Brazil
1087:
932:Franco left the Central Bank after the
270:in Brazil. He teaches economics at the
1380:
1300:
936:Agreement and after the reelection of
491:and arguing, as per the mathematician
440:"The Rentenmark Miracle" published by
266:, the 1994 monetary reform that ended
101:20 August 1997 – 4 March 1999
1275:Henrique., Cardoso, Fernando (2006).
272:Catholic University in Rio de Janeiro
7:
1438:See Ceres A. Cerqueira's account in
1065:O Plano Real e outros Ensaios (1995)
910:Next, federal banks, and especially
535:Competition and Economic Development
456:experience. As argued by Franco the
387:in 1986, with a dissertation titled
374:National Bureau of Economic Research
298:. Guilherme Arinos made a career at
1151:Rational expectations and inflation
1112:http://gustavofranco.com.br/temas/9
721:n version, simultaneously with the
508:Matín Aceña and Jaime Reis (orgs.)
1410:. Rio de Janeiro: Editora Record.
1218:Serie Reformas de Política Pública
717:Right next to completing Brazil's
483:wrote an article on the Brazilian
248:Gustavo Henrique de Barroso Franco
14:
1326:. Rio de Janeiro: Editora Zahar.
1231:Planejamento e Políticas Públicas
765:introduced several new rules for
1138:Brazil: challenges for the 1990s
337:. His M. A. thesis was approved
237:Economist, professor, consultant
1571:Essays in International Finance
1544:Monetary Regime Transformations
1531:Essays in International Finance
1450:Known as “CC5 accounts”, after
1186:. Rio de Janeiro, Zahar, 2017,
1047:Shakespeare e a Economia (2009)
446:Monetary Regime Transformations
1125:Inflation: Causes and Effects.
1:
1252:"Gallery of former Governors"
529:(Development Centre Studies,
40:President of the Central Bank
903:stability. Sometime later a
698:under a stand-by agreement.
657:was designated president of
1492:in John Williamson (org.),
442:Rivista di Storia Economica
368:and economic history under
314:and one of the founders of
1685:
1239:Pensamiento Iberoamericano
1026:, a Brazilian think tank.
1003:had its control bought by
975:Dresdner Kleinworth Benson
923:Fundo Social de Emergência
632:to repeat economic shocks
1649:Harvard University alumni
1622:
1616:
1606:
1595:
1587:
1582:
1406:Fiúza, Guilherme (2006).
938:Fernando Henrique Cardoso
905:Monetary Policy Committee
824:National Monetary Council
818:and actually issuing the
614:Fernando Henrique Cardoso
608:Economic Policy Secretary
405:Fernando Henrique Cardoso
258:. Former Governor of the
250:(born April 10, 1956, in
241:
137:
110:Fernando Henrique Cardoso
94:
65:Fernando Henrique Cardoso
45:
34:
25:
837:was demonetized and the
622:Fernando Collor de Mello
395:Graduação em Economia).
963:Rio Bravo Investimentos
957:Rio Bravo Investimentos
865:floating exchange rates
531:OECD Development Centre
523:OECD Development Center
450:Wertbestandiges Notgeld
276:Rio Bravo Investimentos
1182:Gustavo H. B. Franco.
888:Brazilian Central Bank
748:Brazilian Central Bank
639:Plano de Ação Imediata
598:Central Bank of Brazil
594:Central Bank of Brazil
590:Central Bank of Brazil
525:. One publication was
282:Early life and studies
260:Brazilian Central Bank
1207:nº 268, October 1991.
1020:Seguradora Pottencial
479:Much later, in 1995,
474:Unidade Real de Valor
399:Teaching and research
1659:Brazilian economists
725:, Franco dealt with
712:Sorry, Mr. Fagenbaum
425:The Economic Journal
312:Volkswagen do Brasil
1583:Government offices
1235:Desarollo Económico
1024:Instituto Millenium
1022:and as Chairman of
1009:Fosun International
286:Franco was born in
1359:. Rio de Janeiro.
1220:6, Santiago, 1993.
220:Harvard University
1632:
1631:
1623:Succeeded by
1607:Succeeded by
1518:Medida Provisória
1506:Medida Provisória
1477:Medida Provisória
1192:978-85-378-1694-3
950:inflation targets
802:German rentenmark
370:Barry Eichengreen
254:) is a Brazilian
245:
244:
1676:
1617:Preceded by
1588:Preceded by
1580:
1574:
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1159:978-0691-15870-9
1147:
1141:
1134:
1128:
1121:
1115:
1108:
1102:
1092:
800:. Just like the
503:Economic history
431:Thomas Sargent's
160:
156:
154:
142:Personal details
128:
118:
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85:
73:
50:
30:
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1109:
1105:
1093:
1089:
1084:
1032:
987:venture capital
979:Lehman Brothers
959:
912:Banco do Brasil
896:
847:cruzeiros reais
815:cruzeiros reais
797:cruzeiros reais
784:
744:
679:
647:
610:
586:
519:
505:
417:
401:
333:as proposed by
300:Banco do Brasil
284:
229:
185:
184:Other political
173:Political party
161:
158:
152:
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126:
116:
100:
95:
83:
71:
63:
51:
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21:
12:
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5:
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1630:
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1624:
1621:
1619:Gustavo Loyola
1618:
1614:
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1594:
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1576:
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1452:Carta Circular
1443:
1431:
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1267:
1256:www.bcb.gov.br
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1016:Banco Daycoval
958:
955:
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869:hyperinflation
783:
780:
767:leads and lags
743:
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675:
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609:
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584:Public service
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518:
515:
504:
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481:Thomas Sargent
435:hyperinflation
416:
415:Hyperinflation
413:
400:
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323:Rio de Janeiro
316:Banco Garantia
304:Getúlio Vargas
288:Rio de Janeiro
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268:hyperinflation
252:Rio de Janeiro
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179:(2017–present)
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163:Rio de Janeiro
148:
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119:
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20:Gustavo Franco
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13:
10:
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1626:Arminio Fraga
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835:cruzeiro real
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602:Arminio Fraga
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566:0-415-10711-3
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554:0-19-828359-8
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524:
516:
514:
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500:
498:
494:
493:David Hilbert
490:
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477:
475:
472:(acronym for
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159:(age 68)
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132:Arminio Fraga
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61:Itamar Franco
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1610:Pérsio Arida
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1259:. Retrieved
1255:
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381:Lance Taylor
378:
351:
346:
338:
331:
320:
292:Minas Gerais
285:
247:
246:
186:affiliations
127:Succeeded by
96:
89:Pérsio Arida
84:Succeeded by
47:
1644:1956 births
1591:Pedro Malan
736:US Treasury
732:Brady bonds
708:US Treasury
692:US Treasury
651:Pedro Malan
626:Brancaleone
335:Ruy Barbosa
192:(1989–2017)
157:10 May 1956
117:Preceded by
77:Pedro Malan
72:Preceded by
1638:Categories
1604:1997–1999
1417:8501073423
1375:1019649401
1342:1019649401
1286:852000735X
1261:2018-12-20
1082:References
1005:Orix Group
1001:RB Capital
997:RB Capital
782:Plano Real
727:Paris Club
684:Brady plan
489:rentenmark
462:rentenmark
458:rentenmark
454:rentenmark
339:cum landae
234:Occupation
198:Alma mater
153:1956-05-10
1602:1994–1995
1383:cite book
1303:cite book
1194:, p. 648.
1173:, p. 242.
942:Euromoney
890:in 1964.
723:Real Plan
719:Brady Pla
701:However,
466:Real Plan
264:Real Plan
256:economist
106:President
97:In office
57:President
48:In office
1426:70891574
1295:69014655
1241:2, 1992.
967:Swiss Re
772:outflows
376:(NBER).
296:Amazonas
880:monthly
776:inflows
738:bonds.
385:Harvard
362:Harvard
354:Chicago
1424:
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1373:
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1171:Ibidem
1157:
1098:
578:Brazil
573:UNCTAD
564:
552:
167:Brazil
1558:world
971:REITs
671:FOREX
659:BNDES
308:BNDES
1422:OCLC
1412:ISBN
1393:link
1389:link
1371:OCLC
1361:ISBN
1338:OCLC
1328:ISBN
1309:link
1291:OCLC
1281:ISBN
1188:ISBN
1155:ISBN
1096:ISBN
884:IPCA
876:IPCA
843:real
820:real
810:real
682:the
562:ISBN
550:ISBN
360:and
358:Yale
190:PSDB
177:NOVO
147:Born
934:IMF
927:IMF
858:URV
839:URV
806:URV
792:URV
788:URV
703:IMF
696:IMF
634:and
630:not
568:).
497:URV
485:URV
470:URV
224:PhD
214:MEc
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
