Cinquetti, Carlos A. [UNESP]2014-05-272014-05-272000-01-01World Development, v. 28, n. 1, p. 155-171, 2000.0305-750Xhttp://hdl.handle.net/11449/66043The paper analyzes Brazil's Real Plan, an exchange-rate based stabilization program, implemented in 1994, which mixed a spectacular price stabilization with some serious macroeconomic destabilization. The paper focuses on two of these imbalances: the consumption boom and the financial destabilization; showing that the former represented nothing the reverse side of a collapsed investment boom, which, in turn, led to the financial (banking) crisis. We hold that these instabilities were produced by a policy arrangement in which monetary and fiscal policies alone had to compensate for a largely appreciated, almost fixed, exchange rate anchor. (C) 2000 Elsevier Science Ltd. All rights reserved.155-171engBrazilConsumption boomExchange rate anchorInflationReal PlanStabilization programexchange ratefiscal policymonetary policypricing policystabilizationArtigo10.1016/S0305-750X(99)00115-1Acesso restrito2-s2.0-0034008243