A turning point in the debt crisis: Brazil, the US treasury and the World Bank
Luiz Carlos Bresser-Pereira

This paper is an account of the Brazilian 1987 negotiation of the debt crisis, that represented a turning point in the history of this world financial crisis. When the author assumed the Finance Ministry of Brazil, in April 1997, the country was in moratorium. The minister, after consulting international bankers, economists and state officials, prepared a proposal for solving the problem that was based in two key ideas: the securitization of the debt with a discount, and the relative delinkage between IMF and the commercial banks in the negotiations. In September 1997 the proposal received from the Secretary of the Treasury, James Baker, a public “non starter” answer, but, given the interest it immediately arose in the international financial community, eighteen months later the Brady Plan, that established the parameters for solving the debt crisis, had as core proposals these two ideas.

Vol.19, n.o2(74), 1999
As finanças públicas no "Estado Novo", 1937-45
Maurício C. Coutinho e Tamás Szmrecsányi

State intervention in the economy and governmental public policies are usually regarded in peripherical economies as one of the main factors in thc development process. According to most historians, the period of the Estado Novo had a great importance in the recent evolution of the Brazilian economy, representing a turning point from the primary-export system to the present one, based on the industrial sector and the internal market. The article intends to test these hypotheses in quan-titative and qualitative terms, by comparing the evolution of Brazilian public finance between 1938 and 1945 with the previous and the ulterior eight year periods (from 1930 to 1937, and from 1946 to 1953).

Vol.10, n.o2(38), 1990
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