The role of fiscal and monetary policies in the Brazilian economy: Understanding recent institutional reforms and economic changes

Monetary and fiscal institutions have played a decisive role in the stabilisation of the Brazilian economy since the mid-1990s. In Brazil institutional reforms were predominantly made in response to a succession of internal and, particularly, external crises. Brazil's experience of designing and managing institutions to this end is likely to be of interest to other emerging and low-or middle-income economies. As such, the Brazilian experience offers many lessons to be learned, both in the sense of what could be done and what is better avoided. (C) 2016 The Authors. Published by Elsevier Inc. on behalf of Board of Trustees of the University of Illinois.