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New Order and ProgressDevelopment and Democracy in Brazil$
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Ben Ross Schneider

Print publication date: 2016

Print ISBN-13: 9780190462888

Published to Oxford Scholarship Online: June 2016

DOI: 10.1093/acprof:oso/9780190462888.001.0001

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New Developmentalism versus the Financialization of the Resource Curse

New Developmentalism versus the Financialization of the Resource Curse

The Challenge of Exchange Rate Management in Brazil

(p.78) 4 New Developmentalism versus the Financialization of the Resource Curse
New Order and Progress

Kevin P. Gallagher

Daniela Magalhães Prates

Oxford University Press

The PT governments in Brazil were quick to learn that national developmentalist agendas can be jeopardized by the whims of global finance. In response, the PT pioneered an array of tools that aimed at managing global financial flows in order to maintain an activist developmental policy, showing itself somewhat capable of circumventing the political obstacles postulated under the capital mobility hypothesis in order to put in place a group of innovative regulations to stem the impacts of volatile external financial flows on the Brazilian exchange rate and financial system. Such measures were only a modest success, but may shed light on the necessary conditions that open economy democracies need to maintain financial stability for developmental policy.

Keywords:   exchange rate, new developmentalism, financialization, resource curse, capital account, foreign exchange derivatives, regulation

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