Equívoco analítico & celebração do Plano Real / Analytical mistake and celebration of the Real Plan

Este artigo discute a política antiinflacionária dos anos 1990 ("Plano Real") em sua moldura constitucional, na tradição do programa de pesquisa da public choice, revelando aspectos que as análises econômicas convencionais não contemplam: deterioração do sistema de separação de poderes; intensificação do poder discricionário dos burocratas federais; custos de transação associados ao plano, em termos de redução de transparência do processo decisório de política e perda de privacidade, na perspectiva do eleitor-contribuinte.

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.

A economia política da reforma macroeconômica no Brasil, 1995-2002 / The economic policy of macroeconomic reform in Brazil, 1995-2002

This article examines the successes and limits of the macroeconomic and fiscal reforms under the Fernando Henrique Cardoso Administration in Brazil. The author begins by studying factors that contributed to macroeconomic difficulties prior to 1995, then proceeds to examine how the Real Plan enabled the Cardoso Administration to control interference by State Governors in the national economy. The article then describes how former President Cardoso's policies generated the current ''fiscal straitjacket'' in Brazil, and concludes by discussing how the Cardoso government's legacy may continue to constrain action by future Brazilian Administrations.

Dans cet article, on examine les succès et les limites des réformes macroéconomiques et fiscales du gouvernement sous la présidence de Fernando Henrique Cardoso. On analyse d'abord les facteurs responsables des difficultés macroéconomiques avant 1995, ainsi que la façon dont le Plan Real a permis au gouvernement FHC de contrôler l'ingérence des exécutifs régionaux dans l'économie nationale. Ensuite on voit comment les politiques de président ont créé le ''carcan fiscal'' où se trouve actuellement le Brésil et montre que la gestion écoulée pourra restreindre l'action des gouvernements brésiliens à venir.