Article
English, Spanish, French
ID: <
oai:doaj.org/article:c76004cef6cc426f9fa02222540821be>
·
DOI: <
10.32418/rfs.1998.212.2546>
Abstract
In September last year, Brazil suffered once again from the effects of a financial crisis that originated across the Pacific: the increasing capital flight forced the Central Bank to operate on the interbank market with interests of up to 39’ 75 %, seeking to curb in some way the massive outflow of capital. Despite this, the Brazilian real continued its decline in the foreign exchange market as the current deficit for the last twelve months in November stood at USD 34.525 billion, 4’ 4 % of Brazilian GDP. This is one of several episodes experienced in various countries, both in Latin America and South East Asia and which, one after the other, form a situation of recurrent global financial crisis.