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Brazilian Journal of Political Economy

versão impressa ISSN 0101-3157


CARVALHO, André Roncaglia de. The persistence of indexation in Brazil post-Real. Rev. Econ. Polit. [online]. 2014, vol.34, n.2, pp.266-283. ISSN 0101-3157.

The paper analyzes the shortcomings of the Real Plan combining political science and economics, considering evidences on difficulties in implementing a complete plan of deindexation, namely: the distributional conflict, the corporatist relations between the State and society and the bureaucratic isolation of a highly specialized technocracy. The announcement of the plan triggered defensive reactions, fueling distributive tensions during the URV period, forcing the economic team to take measures that contradicted the overall guidelines followed. The persistence of indexation mechanisms indicate the resulting obstacles in seeking a reform of the State through a stabilization plan, even though the latter has the former as a precondition.

Palavras-chave : Real Plan; distributional conflict; indexation; statecraft; stabilization.

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