This article discusses the Brazilian antiinflation policy in the 90s (Real Plan) in its constitutional reference, in the tradition of the public choice research program, revealing aspects that the traditional economic analysis do not consider: the flaws of the separation of powers; he substantial discretionary power of the federal bureaucrats; the transaction costs associated with the plan in terms of reduction of policy decision transparency and privacy from the perspective of the voter-taxpayer.
Real Plan; economic policy; Brazilian economy; provisional laws; constitutional economics
