A ESTABILIZAÇÃO EM DOIS REGISTROS

Abstract

This paper explores the contribution and evolution of Pérsio Arida concept about the stabilization of high and chronic inflation in the brazilian economy. He was an important economist of the team responsible for the formulation of Cruzado Plan and Real Plan. In the beginning, the heterodox stabilization with indexed money was presented as better than others stabilizations alternatives because of two stressed characteristics: the stabilization program would be almost painless and guided by the neutrality principle. However, both the neutrality and almost painless notions will be abandoned in yours reflections after several failed stabilizations in Brazil.