Unemployment and the credibility of exchange rate pegs: evidence from the Brazilian currency crisis of January 1999

Ferreira AfonsoTullio Giuseppe
CEIS Working Papers
The paper examines the vicious circle into which Brazilian authorities found themselves after the outbreak of the Asian crisis as a result of the excessive rigidity of the nominal exchange rate. The vicious circle we focus on implies that worsening exchan
Number: 134
Date: Friday, December 1, 2000
Revision Date: Friday, December 1, 2000