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          Financial Liberalization and Economic Policy Options: Brazil 1994-2003 (English)
          Presentation by Maria Alejandra Caporale Madi, 2004
          Categories: Finance for Development, Macroeconomic Policy

          What: The paper focuses on the consequences of financial liberalization and recessive macroeconomic adjustment in Brazil covering the period from 1994 to 2003. The orthodox therapy has proved to create a "financial trap", reinforcing the inability to achieve sustainable economic development. Emphasis is given to the crucial economic issues in the agenda of President Cardoso (1995-2002). Finally, the continuity of the "financial trap" after President Lula's election and the challenges to develop a long-term financial system are discussed. Who: Relevant for anyone teaching or studying financial liberalization and its consequences in Brazil. How: Can be used for a background reading as a case study on financial liberalization.