A politica econômica brasileira no contexto da crise mundial de 2008

Abstract

The present paper dealt with the reaction of Brazilian economic policy to the global economic and financial crisis that began in the US economy in 2007 and arrived in Brazil in the last quarter of 2008. This crisis affected in principle the real side of the economy. To deal with such a crisis, the federal government decided to use an arsenal of expansionary policies, including monetary, fiscal, and credit policies. The literature on the subject deals with different points of view of the importance of each of these policies for the resumption of Brazilian economic growth, in particular fiscal. The present work is hypothesized the idea that the impetus given by fiscal policy for the resumption of economic growth was significant. To examine this hypothesis, the paper examines macroeconomic indicators of the various policies employed in the period, and questions the available econometric evidence, showing a greater importance for fiscal policy.