Ajuste macroeconômico e empréstimos externos no Brasil, 1995-2004
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2009
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The purpose of this report is to investigate the relationship between the macroeconomic constraints that emerged with the severe exchange crisis of 1999 and the foreign loans provided by the Multilateral Development Banks (MDBs). The basic idea is that the macroeconomic strategy designed to resolve the crisis had a strong effect on the inflows of foreign loans provided by the MDBs. More specifically, the policies put in place by the Brazilian authorities triggered a decline in loan-volume and change the nature of the MDB loans to Brazil. As a result, despite the merits of the economic plan, it ended preventing the Brazilian government of a cheap source of financing and compromising the public investment capacity in Brazil.