II. THE BRAZILIAN IT FRAMEWORK
A. In Search of a Nominal Anchor for Monetary Policy
The stabilization process in Brazil, initiated in mid-1994, successfully brought annual
inflation down to one-digit figures in less than three years. This process included a wide program
of economic reforms. For instance, the size of the public sector was substantially reduced in this
period through privatization of state companies operating in sectors like telecommunications,
chemistry, railroads, banking and mining. Likewise, the trade liberalization was deepened through
reduction of import tariffs and elimination of non-tariff barriers. The financial system was
submitted to a full-fledged restructuring with unsound institutions liquidated, merged or
restructured and prudential regulation updated.
II. THE BRAZILIAN IT FRAMEWORKA. In Search of a Nominal Anchor for Monetary PolicyThe stabilization process in Brazil, initiated in mid-1994, successfully brought annualinflation down to one-digit figures in less than three years. This process included a wide programof economic reforms. For instance, the size of the public sector was substantially reduced in thisperiod through privatization of state companies operating in sectors like telecommunications,chemistry, railroads, banking and mining. Likewise, the trade liberalization was deepened throughreduction of import tariffs and elimination of non-tariff barriers. The financial system wassubmitted to a full-fledged restructuring with unsound institutions liquidated, merged orrestructured and prudential regulation updated.
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