• Brazil's Currency Lesson for the U.S.

    Brazil's currency is stable, inflation is down substantially, the stock market has doubled, and the economy is beginning to grow again. That's good news for Brazilians. It's also good news for other developing countries, and even for the U.S., if they learn from Brazil's 2002 currency experience.

    Brazil's path to growth is worth reviewing. It played the familiar inflation tune in 2002. The central bank held down interest rates in the face of currency weakness, hoping for economic growth. The October 2002 election may have...

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