BRAZILIAN PERSPECTIVES OF THE INTERNATIONAL FINANCIAL CRISES AFTER THE REAL PLAN

Abstract

In the 1990s and afterwards the global economy was the scenario of serious financial crises, first in emerging markets and in 2008/2009 in the world's largest economy - the United States. In times of globalization the impacts of these crises are quickly felt in all countries, among them Brazil. The work attempts to identify empirically with statistical and econometric methods impacts on chosen variables of the financial and the real side of the Brazilian economy. All analyzed crises had significant, while differentiated, impacts, on the Brazilian economy. The Brazilian crisis of 1998/1999 and the global financial crisis of 2008/2009 had the most significant impacts on the Brazilian economy. In every crisis the financial side of the Brazilian economy felt the impact of the crisis faster and more expressive, but especially in the global financial crisis of 2008/2009 the impacts on the real side of the Brazilian economy were expressive, while short-lived. But compared to countries like Indonesia in 1998, Argentina in 2002 and Greece in 2012 the Brazilian economy fared better in all crises, possibly a consequence of its large internal market, financial system stability and diversification of exports.