35
8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 1/35 !"   !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF  G1. .0H42/D I. -D/=)/6. I. =)4562*. D*)0J12*. K-./24D2-. L *-2/D C20.0*D2-. 206D-0.*2)0.4 !"#$%& ()%*+&,% ,) -&+./% "  0)*"1) (%2+$% 3)*$"4 ""  !D/91) ! #$%&'( %)* +($ (,-)%&.( *(/%$#$ 01) # #23( #4%&5657&5# &*+7)*)4%#8# +)7( '(.)$4(  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 +)$*&%&$#* 01) ( %)*+( 8) 81$#23( 8# 5$&/) 5#*,&#7 :(//) $)7#%&.#*)4%) 51$%( 01#48( 5(*+#$#8( J/ 5$&/)/ #4%)$&($)/D "#$#%&#'()*#%+@ 5$&/) :&4#45)&$#9 +(76%&5# :&/5#79 +(76%&5# *(4)%;$&#9 /)%($ )A%)$4(D ,$#''-.-)#/01 2345 !KL 617#'5 &  MB54&5( 8) N7#4)-#*)4%( ) N)/01&/# 8( O4/%&%1%( 8) N)/01&/# P5(4H*&5# E+7&5#8# QONPERD S($$)&( )7)%$H4&5(@ .&5%($T#$#1-(U%)$$#D5(*D,$D &&  E//)//($# 8# V&$)%($&# 8) P/%18(/ W#5$()5(4H*&5(/ 8( O4/%&%1%( 8) N)/01&/# P5(4H*&5# E+7&5#8# QONPER ) N$(:)//($# E8-14%# 8( O4/%&%1%( 8) P5(4(*&# 8# XYZ[D S($$)&( )7)%$H4&5(@ 8)4&/)7'U1(7D5(*D,$

Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

Embed Size (px)

Citation preview

Page 1: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 1/35

!"    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

G1. .0H42/D I. -D/=)/6.

I. =)4562*. D*)0J12*.K-./24D2-. L *-2/D C20.0*D2-.206D-0.*2)0.4

!"#$%& ()%*+&,% ,) -&+./%" 

0)*"1) (%2+$% 3)*$"4

""

 

!D/91)

! #$%&'( %)* +($ (,-)%&.( *(/%$#$ 01) # #23( #4%&5657&5# &*+7)*)4%#8# +)7( '(.)$4( ,$#/&7)&$(9 )* %)$*(/ 8) +(76%&5# :&/5#7 ) *(4)%;$&#9 5(*1*)4%) #+$)/)4%#8# 5(*(5#1/# 8# $;+&8# $)51+)$#23( 8# )5(4(*&# ,$#/&7)&$# #+</ # 5$&/) :&4#45)&$#&4%)$4#5&(4#7 8) =>>?9 :(& *)4(/ #$$(-#8# 8( 01) +(8)$&# %)$ /&8(@ # +(76%&5#*(4)%;$&# 43( /< %#$8(1 # /)$ #:$(1A#8#9 5(*( %#*,B* ( :(& # 1*# .)7(5&8#8)

*1&%( 7)4%#C ) # +(76%&5# :&/5#79 +($ /)1 %1$4(9 #+)/#$ 8) )A+#4/&(4&/%#9 43( #,$&1 *3(8# ')$#23( 8) /1+)$;.&% +$&*;$&(9 4# 5(4%$#*3( 8) 8&.)$/#/ (1%$#/ )5(4(*&#/DE8)*#&/9 ( /)%($ )A%)$4( %#*,B* %).) 1* &*+($%#4%) +#+)7 4)/%) +$(5)//( F ) 01)5(/%1*# /)$ 4)'7&')45&#8( 4#/ #4;7&/)/@ +($ 1* 7#8(9 /)$; *(/%$#8( 01) # 8)*#48#)A%)$4# 5(4/%&%1&1G/) )* 1* &*+($%#4%) 5#4#7 +#$# +)$*&%&$ # $)51+)$#23()5(4H*&5# +(/%)$&($9 ) +($ (1%$(9 # $)51+)$#23( 8(/ 46.)&/ &4%)$4#5&(4#&/ 8) 7&01&8)I

 +)$*&%&$#* 01) ( %)*+( 8) 81$#23( 8# 5$&/) 5#*,&#7 :(//) $)7#%&.#*)4%) 51$%(01#48( 5(*+#$#8( J/ 5$&/)/ #4%)$&($)/D"#$#%&#'()*#%+@ 5$&/) :&4#45)&$#9 +(76%&5# :&/5#79 +(76%&5# *(4)%;$&#9 /)%($ )A%)$4(D,$#''-.-)#/01 2345 !KL

617#'5

&  MB54&5( 8) N7#4)-#*)4%( ) N)/01&/# 8( O4/%&%1%( 8) N)/01&/# P5(4H*&5# E+7&5#8#QONPERD S($$)&( )7)%$H4&5(@ .&5%($T#$#1-(U%)$$#D5(*D,$D

&&  E//)//($# 8# V&$)%($&# 8) P/%18(/ W#5$()5(4H*&5(/ 8( O4/%&%1%( 8) N)/01&/# P5(4H*&5#E+7&5#8# QONPER ) N$(:)//($# E8-14%# 8( O4/%&%1%( 8) P5(4(*&# 8# XYZ[D S($$)&()7)%$H4&5(@ 8)4&/)7'U1(7D5(*D,$

Page 2: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 2/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   56 

$06-)I9M8)

E )5(4(*&# ,$#/&7)&$#9 4( #4( 8) =>>\9 )A&,&1 $)/17%#8(/ 01)/1$+$))48)$#* #%B *)/*( (/ *#&/ (%&*&/%#/ 8(/ ,$#/&7)&$(/9 8#8( (01#8$( 01) /) 8)/)4]#.# 5(* # )57(/3( 8# 5$&/) :&4#45)&$#9 )*/)%)*,$( 8) =>>?9 7('( #+</ # :#7^45&# 8( ,#45(  "#$%&' ()*+$#),-DE/ )/%&*#%&.#/ +)//&*&/%#/ 01) /) :#I&#* 4( %B$*&4( 8) =>>? 43( /)5(4:&$*#$#*D E $)5)//3( 81$(1 #+)4#/ 8(&/ %$&*)/%$)/@ ( NO_ .(7%(1 #$)'&/%$#$ 5$)/5&*)4%( +(/&%&.( -; # +#$%&$ 8( /)'148( %$&*)/%$) 8) =>>\9)45)$$#48( ( #4( )* G>9=`C # %#A# 8) 8)/(51+#23(9 8)+(&/ 8) #75#42#$\` 8# NPE )* *#$2( 8) =>>\9 $)51(1 +#$# a9L` )* 4(.)*,$(C #&4:7#23( *)8&8# +)7( ONSE :(& 8) L9bc`9 +)$*#4)5)48( 8)4%$( 8#*)%# 8) L9K` )/%&+17#8# +)7( S(*&%^ 8) N(76%&5# W(4)%;$&# QS(+(*RC# %#A# 8) 5d*,&(9 01) )* 8)I)*,$( 8) =>>? :(& 8) Ze =9bL +($ 8<7#$91* #4( 8)+(&/ )$# 8) Ze c9aLDc 

!/ $)/17%#8(/ )A&,&8(/ +)7# )5(4(*&# ,$#/&7)&$# +)$*&%)*5(7(5;G7# )* *)7]($ /&%1#23( 01) # 8) +#6/)/ %#*,B* )*8)/)4.(7.&*)4%( 5(*( S]&7)9 E$')4%&4#9 WBA&5( ) Zf//&#9 ,)* 5(*(# *B8&# 8# X4&3( P1$(+B&# ) *)/*( (/ PXE9 )+&5)4%$( 8# 5$&/):&4#45)&$# &4%)$4#5&(4#7 QO+)#9 =>>\@ c= ) W)5(49 =>>\RD

E $)/+(/%# 8#8# +)7( '(.)$4( ,$#/&7)&$( )* %)$*(/ 8) +(76%&5#)5(4H*&5#9 )* /1#/ 8&*)4/g)/ :&/5#7 ) *(4)%;$&#9 B 5(*1*)4%)#+(4%#8# 5(*( $)/+(4/;.)&/ +)7( #,$#48#*)4%( 8(/ ):)&%(/ 8# 5$&/)D h( +$&*)&$( '$1+( 8) *)8&8#/9 +(8)*G/) 5&%#$9 /)* )/'(%#$ ( 7)01)98)/(4)$#2g)/ :&/5#&/ +#$# (/ /)%($)/ #1%(*(,&76/%&5(9 8))7)%$(8(*B/%&5(/ 8) 7&4]# ,$#45# ) *(.)7)&$(9 #7B* 8# *#41%)423( 8('#/%( +f,7&5(D h( /)'148( '$1+(9 +(8)G/) 5&%#$ # $)8123( 4(5(*+17/<$&(9 # )A+#4/3( 8( 5$B8&%( +($ +#$%) 8(/ +$&45&+#&/ ,#45(/ +f,7&5(/ Q__9 SPY ) _hVPiR ) # $)8123( Q#&48# 01) %#$8&#R 8# %#A# ,;/&5# 8) -1$(/D h(/ *)&(/ '(.)$4#*)4%#&/9 ( _$#/&7 )$# 5(*1*)4%)#+(4%#8( 5(*( j( +$&*)&$( +#6/ # /#&$ 8# 5$&/)kD= 

V) :#%(9 #/ #//&* 5]#*#8#/ +(76%&5#/ #4%&5657&5#/ &*+7)*)4%#8#/ +)7( '(.)$4( ,$#/&7)&$( %^* /&8( #+(4%#8#/ 5(*( $)/+(4/;.)&/ +)7(*(.&*)4%( 8) $)51+)$#23( 8# )5(4(*&# ,$#/&7)&$#9 )* 51$/( 8)/8) (/)'148( %$&*)/%$) 8) =>>\D i)9 +($ 1* 7#8(9 B .)$8#8) 01) %#&/ #2g)/:($#* ):&5#I)/ )* #%)41#$ (/ ):)&%(/ $)5)//&.(/ 8# 5$&/) )5(4H*&5#&4%)$4#5&(4#79 +($ (1%$( %#*,B* B .)$8#8) 01)9 )* *1&%(/ #/+)5%(/9

Page 3: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 3/35

!#    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

%#4%( # +(76%&5# *(4)%;$&# ) :&/5#7 :($#* *)4(/ #$$(-#8#/ 8( 01)#01)7#/ &*+7)*)4%#8#/ +($ 8&.)$/(/ +#6/)/D S(*( )A)*+7(9 +(8)G/)

5&%#$ # +(76%&5# *(4)%;$&# 01)9 *1&%( )*,($# %)4]# /&8( #:$(1A#8# +)7(_#45( S)4%$#7 8( _$#/&7 Q_S_R # +(4%( 8# %#A# ,;/&5# 8) -1$(/ i)7&5%)$ #75#42#8( ( *)4($ +#%#*#$ 8# ]&/%<$&#9 %#7 &4:7)A3( /(*)4%)(5($$)1 %$^/ *)/)/ 8)+(&/ 8# )57(/3( 8# 5$&/) :&4#45)&$#9 8#%#8# 8)/)%)*,$( 8) =>>?D E +(76%&5# :&/5#79 +($ /1# .)I9 #+)/#$ 8( 5#$;%)$)A+#4/&(4&/%# $):($2#8(9 /(,$)%18(9 +)7#/ +(76%&5#/ 8) 8)/(4)$#2g)/:&/5#&/ +#$# (/ /)%($)/ #1%(*(%&.(9 *(.)7)&$( ) 8) )7)%$(8(*B/%&5(/ 8)7&4]# ,$#45#9 43( #,$&1 *3( 8# (,%)423( 8) 1* /1+)$;.&% +$&*;$&(901#48( (/ '(.)$4(/ 8) 8&.)$/(/ +#6/)/ #8*&%&#* $)'&/%$#$ 8B:&5&%

 +$&*;$&( +#$# &481I&$ # $)51+)$#23( 8) /1#/ )5(4(*&#/DE7B* 8&/%(9 #/ #4;7&/)/ 5(*1*)4%) :)&%#/ /(,$) # $)/+(/%# ,$#/&7)&$# J 5$&/) :&4#45)&$# 5(/%1*#* 4)'7&')45&#$ #7'14/ #/+)5%(/ 8(5)4;$&( &4%)$4#5&(4#79 01) :($#* +#$%&517#$*)4%) :#.($;.)&/ J)5(4(*&# ,$#/&7)&$#9 # 8)/+)&%( 8# 8)/#5)7)$#23( )5(4H*&5#&4%)$4#5&(4#7D E *#41%)423( 8) #7%#/ %#A#/ 8) 5$)/5&*)4%( )5(4H*&5(8# S]&4# ) 8# l48&# +)$*&%&1 # $)51+)$#23( 8( 5(*B$5&( &4%)$4#5&(4#7 -; # +#$%&$ 8( /)'148( %$&*)/%$) 8) =>>\D E7B* 8&/%(9 # +(76%&5#*(4)%;$&# )A+#4/&.# &*+7)*)4%#8# +)7(/ +#6/)/ 5)4%$#&/ 5(*(

$)/+(/%# J 5$&/) 5(481I&1 J $)51+)$#23( 8# 7&01&8)I &4%)$4#5&(4#7 +(15(/ *)/)/ 8)+(&/ 8) 8):7#'$#8# # 5$&/)9 ')$#48( 1*# /(,$# 8)7&01&8)I 01) :($*#$&#* 1*# 4(.# (48# )/+)517#%&.# $1*( #(/ +#6/)/8&%(/ j)*)$')4%)/k QS#$.#7](9 =>>\@ c=>RD N#$# 5($(#$ # *)7]($&# 8(5)4;$&( )A%)$4(9 ( $&/5( 8(/ %6%17(/ 8# 86.&8# 8(/ +#6/)/ )*)$')4%)/*)8&8( +)7( PW_Omb 8)/5$).) %$#-)%<$&# 8)/5)48)4%) 8)/8) *#$2( 8)=>>\D P/%# 5(4-1423( 8) #5(4%)5&*)4%(/ 4# )5(4(*&# &4%)$4#5&(4#7$)+)$51%&1 +(/&%&.#*)4%) /(,$) # )5(4(*&# ,$#/&7)&$#9 #%1#48(9 +($ 1*7#8(9 /(,$) # 8)*#48# )A%)$4#9 01) /) 5(4/%&%1&1 )* 1* &*+($%#4%)

5#4#7 +#$# +)$*&%&$ # $)51+)$#23( )5(4H*&5# +(/%)$&($9 ) +($ (1%$(9 +)$*&%&1 01) ( %)*+( 8) 81$#23( 8# 5$&/) 5#*,&#7 :(//) $)7#%&.#*)4%)51$%( 01#48( 5(*+#$#8( J/ 5$&/)/ #4%)$&($)/D

E//&*9 )/%) %$#,#7]( %)* +($ (,-)%&.( *(/%$#$ 01) Q&R (/)/%6*17(/ :&/5#&/ ) *(4)%;$&(/ &*+7)*)4%#8(/ +)7( '(.)$4( ,$#/&7)&$(:($#* ,#/%#4%) *(8)/%(/9 01#48( 5(*+#$#8( #(/ +#8$g)/&4%)$4#5&(4#&/C ) Q&&R ( 5)4;$&( )A%)$4( :(& :148#*)4%#7 +#$# 5$&#$ #/5(48&2g)/ +#$# # )/%# $)51+)$#23(9 /)-# 8&$)%#*)4%)9 5$&#48( 5(48&2g)/

Page 4: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 4/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   57 

 +#$# 01) 1*# *#&($ +#$5)7# 8# 8)*#48# #'$)'#8# ,$#/&7)&$# :(//)#%)48&8# +($ +$(8123( 8(*B/%&5#9 /)-# &48&$)%#*)4%)9 5(* # $)%(*#8#

8(/ :71A(/ 8) 5#+&%#&/ +#$# #/ )5(4(*&#/ )*)$')4%)/9 )* ')$#79 ) # ,$#/&7)&$#9 )* +#$%&517#$D h3( B (,-)%&.( 8)/%) #$%&'( *&4&*&I#$ ( +#+)78#/ +(76%&5#/ #4%&G5657&5#/ +#$# # $)51+)$#23( 8# )5(4(*&# ,$#/&7)&$#9*#/ %3(G/(*)4%) $)7#%&.&I#$ )/%) #$'1*)4%(9 $)#72#48( %#4%( # 4#%1$)I#*(8)/%# 8)//#/ +(76%&5#/ 01#4%( ( +#+)7 8)/)*+)4]#8( +)7# *)7]($&#8( 5)4;$&( )A%)$4(D

! #$%&'( )/%; )/%$1%1$#8( )* K /)2g)/9 #7B* 8# +$)/)4%)&4%$(8123(D E /)23( 8(&/ *(/%$#$; ( +#4($#*# ')$#7 8(/ ):)&%(/ 8#5$&/) :&4#45)&$# /(,$) # )5(4(*&# ,$#/&7)&$#D E /)23( %$^/ #4#7&/#$; #

$)/+(/%# 8) +(76%&5# )5(4H*&5# 8#8# +)7( '(.)$4( ,$#/&7)&$(9 )* +#$%&517#$ #/ +(76%&5#/ *(4)%;$&# ) :&/5#7D E /)23( 01#%$( *(/%$#$;5(*( ( 5)4;$&( &4%)$4#5&(4#7 %($4#G/) :#.($;.)7 )* #7'14/ #/+)5%(/ # +#$%&$9 ,#/&5#*)4%)9 8( /)'148( %$&*)/%$) 8) =>>\9 5$&#48( 4(.#/5(48&2g)/ 01) +)$*&%&$#* ( *(.&*)4%( 8) $)51+)$#23( )5(4H*&5#D E/)23( 5&45( :#$; #/ 5(4/&8)$#2g)/ :&4#&/D

3.0)-.1. ND-.4 I. *-2/D C20.0*D2-.

n +(//6.)7 7&/%#$ +)7( *)4(/ %$^/ '$1+(/ 8) 5#4#&/ 8)%$#4/*&//3( 8# 5$&/) :&4#45)&$# &4%)$4#5&(4#7 +#$# # )5(4(*&# ,$#/&7)&$#DL  P.&8)4%)*)4%)9 4)* %(8(/ #%1#$#* 5(* # *)/*#&4%)4/&8#8)D ! +$&*)&$( 8)7)/ #%1(1 /(,$) #/ 5(4%#/ )A%)$4#/D E8)/#5)7)$#23( )5(4H*&5# *148&#7 #7&#8# J 01)8# 8(/ +$)2(/&4%)$4#5&(4#&/ 8#/ .*%%*/0+0#- #'$(G*&4)$#&/ #%1#$&# /(,$) # ,#7#42#5(*)$5&#79 $)81I&48( +$)2( ) 12&'+2%  )A+($%#8(/D E 5(4%$#23( 8#7&01&8)I &4%)$4#5&(4#79 +($ /1# .)I9 7).#$&# )*+$)/#/ ) )/+)517#8($)/ #$)+#%$&#$ /)1/ 715$(/ +#$# #/ *#%$&I)/9 8)%)$&($#48( #&48# *#&/ ( -;5(*,#7&8( 8B:&5&% 8# 5(4%# 8) /)$.&2(/ ) $)48#/9 +($ 1* 7#8(9 ) +$(.(5#48(9 +($ (1%$(9 :1'# 8) 5#+&%#&/ +)7# 5(4%# :&4#45)&$#D !$)/17%#8( /)$&# # 8)/.#7($&I#23( 5#*,&#79 # 01#7 %$#$&# +$).&/6.)&/):)&%(/ &4:7#5&(4;$&(/DK 

Page 5: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 5/35

$%    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

8&9.-)1 : ; <&#'-$5 =#$#>/1 ?+ @#A#B+>71' +B CDE B-$*F+'

,1>7#' '+$+)-1>#?#'5 7#G# ?+ )HB=-1I 7+&B1' ?+ 7&1)#

+ J>?-)+ A+&#$ ?+ !"##"$%&%'(5 K#>+-&1 # ?+L+B=&1 ?+ MNNO

 h(%#@ QcR ZeoXie9 *B8&# *)4/#7 8# %#A# 5(*)$5&#7 +#$# 5(*+$#DY(4%)@ O+)#8#%# ) W&4&/%B$&( 8# P5(4(*&# 8# E$')4%&4# Q648&5) ')$#7 8).*%%*/0+0#-RDP7#,($#23( +$<+$&#D

! /)'148( 5#4#7 8) %$#4/*&//3( /)$&# +)7( /&/%)*# :&4#45)&$(01)9 4( 5#/( ,$#/&7)&$(9 #%1#$&# 8) 1*# :($*# 1* %#4%( 01#4%( 8&/%&4%#/) 5(*+#$#8# #(/ +#6/)/ 8( 5)4%$( 5#+&%#7&/%#D P401#4%( 4)/%)/ # 5$&/)#801&$) 5#$;%)$ /&/%^*&5( # +#$%&$ 8#/ +)$8#/ 8(/ ,#45(/ 5(* #/

]&+(%)5#/  -234)0%#9 5(4%#'&#48( #/ +$&45&+#&/ +$#2#/ :&4#45)&$#/ 8(*148( %$#4/*&%&48(G/)9 )4:&*9 #( /)%($ $)#7 8# )5(4(*&# QO+)#9=>>\,@ LaR9 4( /)%($ ,#45;$&( ,$#/&7)&$( # 5$&/) *#4&:)/%#G/) 8) :($*#8&/%&4%#D i) +($ 1* 7#8( (/ '$#48)/ ,#45(/ 43( /) )4.(7.)$#* 5(*#%&.(/ 8) #7%( $&/5( 5(*( (/ /1,+$&*)9 8#8# # )A&/%^45&# 8) #7%)$4#%&.#*#&/ /)'1$# ) $)4%;.)7 (:)$)5&8# +)7(/ %6%17(/ +f,7&5(/ QO+)#9 =>>\#@?\R9 +($ (1%$( (/ ,#45(/ 8) *)4($ +($%)9 5(* *)4($ )/%$1%1$# 8)

Page 6: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 6/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   89 

5#+%#23( 8) $)51$/(/ 4( *)$5#8( 8) .#$)-(9 #8(%#.#* )/%$#%B'&#/ *#&/#$$&/5#8#/9 5#+%#48( $)51$/(/ .&# )*&//3( 8) SV_p/ ) .&4517#48(G(/ #

5(4%$#%(/ 8) 8)$&.#%&.(/ 5#*,&#&/9 ( 01) 7])/ &45($$)1 )* +)$8#/)A+$)//&.#/ #+</ # 8)/.#7($&I#23( 5#*,&#7 QOPVO9 =>>\ ) Y$)&%#/9=>>\RD E8)*#&/9 (/ ,#45(/ )/%$#4')&$(/ 5(* :&7&#7 4( _$#/&7 #8(%#$#*1*# )/%$#%B'&# 8) $)#7(5#23( 8) /)1/ +($%:<7&(/9 )45(7])48( /1#/(+)$#2g)/ 4( *)$5#8( ,$#/&7)&$( +#$# :#I)$ 5#&A# ) 5(,$&$ (/ +$)-16I(/)* /1#/ *#%$&I)/ QOPVO9 =>>\RD E//&*9 # &45)$%)I# #//(5&#8# 43( /<#(/ 8)/8(,$#*)4%(/ 8# 5$&/) :&4#45)&$# &4%)$4#5&(4#79 *#/ %#*,B* #(/).)4%(/ #//(5&#8(/ #( +$<+$&( /)%($ ,#45;$&( 4#5&(4#7 7).(1 (/'$#48)/ ,#45(/ # 5(4%$#&$ ( 5$B8&%(9 5(*( $)/17%#8( 8( #1*)4%( 8#

#.)$/3( #( $&/5( ) 8# +$):)$^45&# +)7# 7&01&8)ID E 5(4%$#23( 8( 5$B8&%(#%&4'&$&# )*+$)/#/ ) 5(4/1*&8($)/9 +$(.(5#48( $)8123( 8# 8)*#48##'$)'#8# ) 8)/#5)7)$#23( )5(4H*&5#D

! %)$5)&$( 5#4#7 +($ *)&( 8( 01#7 # 5$&/) :&4#45)&$# &4%)$4#5&(4#7*#4&:)/%#$G/)G&# /(,$) # )5(4(*&# ,$#/&7)&$# B ( 8#/ )A+)5%#%&.#/9 51-#8)%)$&($#23( %)48)$&# # $):($2#$9 +($ +#$%) 8(/ ,#45(/9 # #.)$/3( #($&/5( ) # 5(4%$#23( 8( 5$B8&%(9 ) 7).#$&# )*+$)/#/ ) :#*67&#/ # #8&#$8)5&/g)/ 8) &4.)/%&*)4%( ) 5(4/1*(9 5(* +$).&/6.)&/ ):)&%(/ 8)8)/#5)7)$#23( 8# #%&.&8#8) )5(4H*&5#D

P*,($# (/ ):)&%(/ 8# 5$&/) :&4#45)&$# :(//)*9 )* 1* +$&*)&$(*(*)4%(9 /1,)/%&*#8(/ +)7( +$<+$&( '(.)$4( ,$#/&7)&$( F 01)#5$)8&%(1 4# ]&+<%)/) 8( 8)/5(7#*)4%( 8(/ *)$5#8(/ )*)$')4%)/ F #)5(4(*&# ,$#/&7)&$# /(:$)1 1*# :($%) 8)/#5)7)$#23( )5(4H*&5# -; 4(f7%&*( %$&*)/%$) 8) =>>?9 01#48( ( NO_ 8)57&4(1 =9\` )*5(*+#$#23( 5(* ( %$&*)/%$) #4%)$&($9 5(4%$# 1* 5$)/5&*)4%( 8) c9c`$)'&/%$#8( 4( %)$5)&$( %$&*)/%$)D h(/ *)/)/ 8) 4(.)*,$( ) 8)I)*,$(8) =>>? # +$(8123( 8# &48f/%$&# 8) %$#4/:($*#23( $)'&/%$(1 1*#01)8# #51*17#8# 8) =?`D E 5#+#5&8#8) &4/%#7#8# 4# &48f/%$&# 8)

%$#4/:($*#23( 8)57&4(1 8) ?L` )* /)%)*,$( 8) =>>? +#$# aq` )* -#4)&$( 8) =>>\ F 1*# 01)8# 8) 01#/) c>`D !/ &*+#5%(/ 8# 5$&/)%#*,B* :($#* /)4%&8(/ 4( *)$5#8( 8) %$#,#7](9 5(* # %#A# 8)8)/)*+$)'( #,)$%( %)48( #75#42#8( \` )* *#$2( 8) =>>\ Qr$;:&5( =RD

Page 7: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 7/35

$&    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

8&9.-)1 M ; <&#'-$5 ->?-)#?1&+' ?+ )1>KP>7P&#

Y(4%)@ O_rP9 )7#,($#23( +$<+$&#D

S(4%$#$&#48( #/ )A+)5%#%&.#/9 (/ /&4#&/ 8) $)51+)$#23( 8#)5(4(*&# ,$#/&7)&$# 43( %#$8#$#* # #+#$)5)$D ! NO_9 01) 4( +$&*)&$(%$&*)/%$) 8) =>>\ #&48# $)'&/%$(1 01)8# 5(* $)7#23( #( %$&*)/%$)#4%)$&($ QG>9\`R9 $)%(*(1 # /1# %$#-)%<$&# 8) 5$)/5&*)4%( -; 4(%$&*)/%$) /)'1&4%) Qc9c` ) c9=`9 $)/+)5%&.#*)4%) 4( /)'148( )

%)$5)&$( %$&*)/%$)/RD E +$(8123( &481/%$&#7 )4/#&(1 1*# $)51+)$#23(9#&48# 01) # %#A#/ $)7#%&.#*)4%) 7)4%#/9 ) # %#A# 8) 8)/)*+$)'( .(7%(1# 5)8)$9 $)51#48( # +#%#*#$)/ +$BG5$&/)D P4%$) #/ +$&45&+#&/ 5#1/#/9 B5(*1*)4%) 5&%#8# # #23( 8( 5(4-14%( 8) +(76%&5#/ &*+7)*)4%#8#/ +)7('(.)$4( ,$#/&7)&$(9 01) %)$&#* /&8( 5(481I&8#/ /)'148( 1* .&B/#4%&5657&5( # +#$%&$ 8# )57(/3( 8# 5$&/) :&4#45)&$#D i)'148( _#$,(/#Q=>c>@ cR ( '(.)$4( ,$#/&7)&$( %)$&# $)#'&8( J 5$&/) )5(4H*&5# 5(*

Page 8: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 8/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   85 

1*# j/)01^45&# 8) &*+$)5)8)4%)/ #2g)/ )A+#4/&(4&/%#/kD O4]18)/Q=>>\@ aR 5&%# ( j#:$(1A#*)4%(k 8# +(76%&5# *(4)%;$&# 5(*( :#%($

&481%($ 8( 5(4/1*( 8#/ :#*67&#/D S(* ):)&%(9 ( 5(4-14%( 8) +(76%&5#/:&/5#7 ) *(4)%;$&# %)$&# '#$#4%&8( # *#41%)423( 8( 5(4/1*( 8('(.)$4( ) 8#/ :#*67&#/9 5(4%$#G#$$)/%#48( (/ ):)&%(/ 4)'#%&.(/ 8#01)8# 8( &4.)/%&*)4%( +$&.#8( ) 8# 8)*#48# )A%)$4#D

E /)23( /)'1&4%) 8&/51%&$; )* 01) *)8&8# ( 5(4-14%( 8)*)8&8#/ &*+7)*)4%#8#/ +)7( '(.)$4( 5(*( $)/+(/%# J 5$&/) :(&9 8):#%(9 5#+#I 8) &481I&$ J $)51+)$#23( )5(4H*&5#D

' -D/=)/6. I) N)ED-0) K-./24D2-) L *-2/D D*)0J12*.

E $)/+(/%# 8( '(.)$4( ,$#/&7)&$( /)'1&19 )* 7&4]#/ ')$#&/9 #%)48^45&# )A&,&8# +($ (1%$#/ )5(4(*&#/ #%&4'&8#/ +)7# 5$&/)9 01#7 /)-#9# &*+7)*)4%#23( 8) +(76%&5#/ #4%&G5657&5#/ 8) 5($%) s)t4)/&#4(D_#/&5#*)4%)9 #/ *)8&8#/ +(8)* /)$ #'$1+#8#/ )*@ Q&R *)8&8#/ +#$#$)51+)$#23( Q(1 j8)/)*+(2#*)4%(kR 8( 46.)7 8) 7&01&8)I 8#)5(4(*&#C Q&&R *)8&8#/ +#$# '#$#4%&$ # /(7&8)I 8( /)%($ ,#45;$&(9$)81I&48( ( j$&/5( /&/%^*&5(kC Q&&&R *)8&8#/ +#$# 5(4%)$ # 5$&/)5#*,&#7C ) Q&.R *)8&8#/ 8) )/%6*17( :&/5#7D

 h( +$&*)&$( '$1+(9 # +$&45&+#7 *)8&8# :(& # :7)A&,&7&I#23( 8#/$)'$#/ 8( 5(*+17/<$&( +#$# 8)+</&%(/ J .&/%# ) # +$#I(D i)'148(Y$)&%#/ Q=>>\@ cLcG=R9 )4%$) (/ 8&#/ =bo>\o>? ) cbocco>?9 ( _#45(S)4%$#7 8( _$#/&7 Q_S_R +$(*(.)1 8)I #7%)$#2g)/ 4#/ $)'$#/ 8(5(*+17/<$&(9 )* ')$#79 &4<51#/9 j8#8# # +$):)$^45&# +)7# 7&01&8)I 8(/ ,#45(/ ) # +(//&,&7&8#8) 8) #+7&5#23(9 7601&8#9 $)4%;.)7 ) 8) ,#&A6//&*( $&/5(9 )* %6%17(/ +f,7&5(/k QY$)&%#/9 =>>\@ cb\RDq P401#4%(%#&/ *)8&8#/ 43( /1$%&#* ):)&%(9 (/ +$&45&+#&/ ,#45(/ +f,7&5(/ Q_#45(8( _$#/&79 S#&A# P5(4H*&5# Y)8)$#7 ) _#45( h#5&(4#7 8)V)/)4.(7.&*)4%( P5(4H*&5( ) i(5&#79 $)/+)5%&.#*)4%) __9 SPY )_hVPiR9 :($#* 5]#*#8(/ # /1+$&$ ( *)$5#8( 8) 5$B8&%( ,$#/&7)&$(9 8)*(8( # %)4%#$ 5(4%$#G#$$)/%#$ # 5(4%$#23( 8) 5$B8&%( ($&148# 8(/ ,#45(/ +$&.#8(/D

Page 9: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 9/35

$$   !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

8&9.-)1 Q ; 1@+&#/F+' ?+ )&R?-71 ?1 '-'7+B# .->#>)+-&1

"1& @&1@&-+?#?+ ?1 )#@-7#$ ; SE B-$*F+'

Y(4%)@ _#45( S)4%$#79 )7#,($#23( +$<+$&#D

E7'1*#/ 8#/ *(8&:&5#2g)/ /(,$) # $)'17#*)4%#23( 8(5(*+17/<$&( /(,$) 8)+</&%(/ # +$#I( .&/#.#* # #%)48)$ J/ 8)*#48#/8( '$1+( Q&&R9 (1 /)-#9 )$#* *)8&8#/ 01) .&/#.#* '#$#4%&$ # /(7&8)I 8(/&/%)*# ,#45;$&(9 5(*( # #1%($&I#23( 8) 1/( 8) #%B L>` 8(/ $)51$/(/8( 5(*+17/<$&( /(,$) (/ 8)+</&%(/ # +$#I( +#$# # #01&/&23( 8)&4/%&%1&2g)/ :&4#45)&$#/D ! (,-)%&.( #01& )$# )/%&*17#$ #/ &4/%&%1&2g)/*#&($)/ # #801&$&$ &4/%&%1&2g)/ 8) +)01)4( ) *B8&( +($%)9 #/ *#&/#:)%#8#/ +)7# 5$&/)D M#*,B* )4%$# 4)/%) '$1+( 8) *)8&8#/ ##1%($&I#23( 8#8# +#$# 01) ( __ ) # SPY #801&$&//)* &4/%&%1&2g)/

:&4#45)&$#/ )* 8&:&5178#8)D!1%$# *)8&8# &*+($%#4%) :(& # $)8123( 8# %#A# ,;/&5# 8) -1$(/ # +#$%&$ 8) -#4)&$( 8) =>>\9 01) /#&1 8) 1* +#%#*#$ 8) cb9aK` #D#D 4(&465&( 8#01)7) #4(9 +#$# ?9aK` )* -1](D

P4%$) #/ *)8&8#/ .&/#48( 5(4%)$ # 5$&/) 5#*,&#79 #/ +$&45&+#&/:($#* #/ &4%)$.)42g)/ 8( _#45( S)4%$#7 #%$#.B/ 8) (+)$#2g)/ 8).)48# 8) 8<7#$)/ 4( *)$5#8( J .&/%# ) %#*,B* #%$#.B/ 8) 7)&7g)/ 8)

Page 10: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 10/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   8: 

.)48# 5(* 5(*+$(*&//( 8) $)5(*+$#D P/%#/ &4%)$.)42g)/9 4( )4%#4%(943( &*+)8&$#* 01) # %#A# 8) 5d*,&( #%&4'&//) # 5(%#23( 8) Ze

=9KcoXie )* >?oc=o>?9 8)+(&/ 8) %)$ :)5]#8( ( *^/ 8) #'(/%( )* Zec9qboXie Q(1 /)-#9 8)/.#7($&I#23( 8) KL`RD ! )/%(01) 8) $)/)$.#/&4%)$4#5&(4#&/9 #+)/#$ 8&/%(9 +(15( /) #7%)$(19 +#//#48( 8) Xie =>a9K ,&7]g)/ )* /)%)*,$( 8) =>>? +#$# Xie =>b ,& 4( *^/ /)'1&4%)9:)5]#48( 8)I)*,$( 8( *)/*( #4( 5(* 1* /#78( 8) Xie =>q9? ,&D

Y&4#7*)4%)9 # $)/+(/%# *#&/ 5(4%148)4%) 8( '(.)$4( ,$#/&7)&$( J5$&/) :&4#45)&$# )/%;9 /)'1$#*)4%)9 )4%$) #/ *)8&8#/ :&/5#&/D P4%$) #/*)8&8#/ 8) 8)/(4)$#2g)/ :&/5#&/9 # +$&*)&$# :(& #4145&#8# #&48# 4(#4( 8) =>>?9 ,)4):&5&#48( ( /)%($ #1%(*(%&.(9 /)'1&8( 8(/ /)%($)/

 +$(81%($)/ 8) )7)%$(8(*B/%&5(/ 8) 7&4]# ,$#45#9 8) *#%)$&#7 8)5(4/%$123( )9 4( :&4#7 8) =>>\9 8( /)%($ *(.)7)&$(D N#$# .&#,&7&I#$ ( +#5(%) 8) 8)/(4)$#2g)/ :&/5#&/ /)* 01) ( '(.)$4( 8).)//) &45($$)$ )*1* +$('$#*# 8) 5($%) 8) '#/%(/ +f,7&5(/ F ( 01) /)$&# 1* 5(4%$#G/)4/( F ( '(.)$4( ,$#/&7)&$( %#*,B* #4145&(1 # $)8123( 8# *)%# 8)/1+)$;.&% +$&*;$&( 8) L9b` +#$# =9K` 8( NO_ +#$# =>>\Da 

W)8&8#/ 5(*+7)*)4%#$)/9 01) 43( +(8)* /)$ 57#//&:&5#8#/4)5)//#$&#*)4%) )* #7'14/ 8(/ '$1+(/ #5&*#9 %#*,B* :($#*&*+7)*)4%#8#/9 5(*( ( #1*)4%( $)#7 8( /#7;$&( *64&*( ) ( +$('$#*#

jW&4]# 5#/#9 *&4]# .&8#k9 01) .&/#.# # 5(4/%$123( 8) 1* *&7]3( 8)5#/#/ +(+17#$)/9 +#$# #%)48)$ J/ 4)5)//&8#8)/ 8) )/%&*17#$ ( /)%($ 8)5(4/%$123( 5&.&7 F #&48# 01) %)4]# /&8( #4145&#8( 5(*( 1* +$('$#*#01) .&/#.# $)81I&$ ( 8B:&5&% ]#,&%#5&(4#7 8( N#6/D

E 8)/+)&%( 8( 5#$;%)$ $)#7*)4%) )A+#4/&(4&/%# 8#/ *)8&8#/8)/5$&%#/ #5&*#9 #7'1*#/ 5(4/&8)$#2g)/ *)$)5)* /)$ :)&%#/ # $)/+)&%(8#/ +(76%&5#/ *(4)%;$&# ) :&/5#7D

'ED069-./ D ID/ED069-./ I. =)4562*. 1)0D6H-2.O P9-)/ .46)/D1 1D2) L *-2/D

E +$&*)&$# 8)7#/ 8&I $)/+)&%( J 5(48123( 8# +(76%&5# *(4)%;$&#Di)9 +($ 1* 7#8(9 B .)$8#8) 01) ( _#45( S)4%$#7 8( _$#/&7 Q_S_R +$(*(.)1 $)812g)/ 4# %#A# i)7&59 +)$*&%&48( 01) )/%# #75#42#//) (*)4($ +#%#*#$ 8) /1# ]&/%<$&#9 %#*,B* B .)$8#8) 01) #4%)/ 8# )57(/3(8# 5$&/) :&4#45)&$# ( _S_ &4&5&#$#9 # +#$%&$ 8) #,$&7 8) =>>?9 1* 4(.(

Page 11: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 11/35

$"    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

5&57( 8) #7%# 8# %#A# ,;/&5# 8) -1$(/ Qi)7&5R9 +#//#48( 8) cc9=K` #D#D +#$# cb9aK` )* /)%)*,$(9?  +#$# 5(4%)$ # #*)#2# &4:7#5&(4;$&#

8)5($$)4%) 8# )7).#23( 8(/ +$)2(/ 8(/ #7&*)4%(/9 )* '$#48) +#$%))A+7&5#8# +)7# )7).#23( 8(/ +$)2(/ 8#/ .*%%*/0+0#-  #'$65(7#/Di)'148( r)4%&7 Q=>>a@ cR@ j!/ *)5#4&/*(/ 8# +(76%&5#*#5$()5(4H*&5# +(/%(/ )* +$;%&5# 4( #4( 8) =>>? +)7( S(+(* ) +)7(M)/(1$( F )*,($# *1&%( *#&/ +)7( +$&*)&$( F9 %&4]#* 1* +#+)7&4%)45&(4#7*)4%) 5(4/)$.#8($ ) 5(4%$#5&(4&/%# 01)9 *)/*( /)* #5$&/) *148&#79 5(481I&$&#* &4).&%#.)7*)4%) # )5(4(*&# J8)/#5)7)$#23(kD i)'148( Y$)&%#/ Q=>>\R9 # +(76%&5# 5(4%$#5&(4&/%#&*+7)*)4%#8# +)7( _S_ %)$&# /&8( +#$%&517#$*)4%) +$)-18&5&#7 #(/

 ,#45(/ 8) +)01)4( ) *B8&( +($%)9 #( )45#$)5)$ ( 51/%( 8) /1#/5#+%#2g)/9 7).#48(G(/ # #//1*&$ +(/&2g)/ *#&/ :$;')&/ #( .&4517#$)*+$B/%&*(/ 4#/ *(8#7&8#8)/ 8) 5#+&%#7 8) '&$( # (+)$#2g)/ 5(*8)$&.#%&.(/ 8) 8<7#$9 #%B )4%3( 5(* 51/%( *#&/ ,#&A(D

N#$# 1* 5(4-14%( 8) +#6/)/ 7#%&4(G#*)$&5#4(/ /)7)5&(4#8(/9 #%#A# 8) -1$(/ ,$#/&7)&$# )/%).) )4%$) #/ *#&/ #7%#/ 81$#4%) %(8( ( +$B ) +</G5$&/)9 J )A5)23( 8( X$1'1#& ) 8# Z)+f,7&5# V(*&4&5#4# Q'$;:&5(LRD P* ')$#79 # $)8123( 8#/ %#A#/ 8) -1$(/ &*+7)*)4%#8#/ 4# E*B$&5#u#%&4# 5(*( $)/+(/%# 8) +(76%&5# *(4)%;$&# J 5$&/) :&4#45)&$# (5($$)

)* 1*# .)7(5&8#8) /1+)$&($ J ,$#/&7)&$#D N#$# /) %)$ 1*# &8B&# 8)5(*( ( #:$(1A#*)4%( 8# +(76%&5# *(4)%;$&# ,$#/&7)&$# :(& *)4(/&4%)4/( 8( 01) 4#/ 8)*#&/ )5(4(*&#/ 8( ,7(5(9 )* (1%1,$( 8) =>>\/(*)4%) # S(/%# Z&5# $)'&/%$#.# 1*# %#A# 8) -1$(/ /1+)$&($ J ,$#/&7)&$# F (1 /)-#9 #%B ( X$1'1#&9 01) )7).(1 /1# %#A# 8) -1$(/ +#$#b>` #D#D )* (1%1,$( 8) =>>?9 +$(*(.)1 1*# $)8123( *#&/ &4%)4/#DP* %)$*(/ $)#&/9 ( _$#/&7 )$#9 )* -#4)&$( 8) =>c>9 ( +$&*)&$( 8) 1*$#4s&4' :($*#8( +($ L> +#6/)/D\ 

Page 12: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 12/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   86 

8&9.-)1 T ; U#G#' ?+ KP&1' ->7+&=#>)9&-1' VW #X#XY ZBR&-)# 4#7-># + ,#&-=+

Y(4%)@ S)+#7 Q=>>\@ KcR

P* /1*#@ (/ ):)&%(/ $)5)//&.(/ 8( 5&57( 8) #7%# 8) -1$(/ (5($$&8(#( 7(4'( 8) =>>? /)$&#* :#%#7*)4%) /)4%&8(/D E 8)*($# )* $)81I&$ #%#A# i)7&5 ) # 7)4%# .)7(5&8#8) 5(* # 01#7 &/%( (5($$)1 %&.)$#*&*+#5%(/ 5(4%$#5&(4&/%#/9 5(4/%&%1&48( 1*# 5(*+(4)4%) $)5)//&.#&4%)$4# #(/ &*+#5%(/ $)5)//&.(/ 8) 1*# 5$&/) )A%)$4# 8) '$#48)/ +$(+($2g)/D

3)4562*. C2/*.4O I2-DM8) *)--D6.7 1./ K.2Q. 206D0/2I.ID 0.-D/=)/6. L *-2/D

S(*( -; *)45&(4#8( #4%)$&($*)4%)9 ( '(.)$4( :)8)$#7 +H/ )**#$5]#9 4( #4( 8) =>>\9 &4/%$1*)4%(/ :&/5#&/ #4%&5657&5(/ 01) :($#*&*+($%#4%)/ +#$# 5(*+)4/#$ (/ ):)&%(/ Q4)'#%&.(/R 8# +(76%&5# 8) -1$(/Q#&48# )7).#8(/ ) 5(4')7#8(/ 4( +#%#*#$ 8) ?9aK` 8# %#A# i)7&5R ) 8)5d*,&( .#7($&I#8( )* *)&( J $)51+)$#23( 8# 5$&/)D P* (1%$(/ %)$*(/9# +(76%&5# :&/5#7 %).) 01) #%1#$ 8) :($*# # 5(4%)$ # 01)8# ,$1/5# 8#

%#A# 8) 5$)/5&*)4%( 8( NO_ 01) +(8)$&# $)/17%#$ 8# 5(4%&41&8#8) 8##8(23( 8( $)'&*) 8) *)%#/ 8) &4:7#23( 41*# :#/) 8) :($%)8)/#5)7)$#23( 8# )5(4(*&#D

E/ *)8&8#/ :&/5#&/ 8) *#&/ #7%( &*+#5%( /(,$) # 8)*#48##'$)'#8# :($#* # )7).#23( 8( .#7($ 8( /#7;$&( *64&*(c> ) /)1 ):)&%( 8))A+#4/3( /(,$) #/ %$#4/:)$^45&#/ +$).&8)45&;$&#/ ) ( /)'1$(8)/)*+$)'(9 #8&5&(4#8# J #*+7&#23( 8#/ %$#4/:)$^45&#/ 8) $)48# J/

Page 13: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 13/35

$#    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

:#*67&#/ *#&/ +(,$)/ Q)* .#7($ ) )* 4f*)$(R9 J $)51+)$#23( 8(//#7;$&(/ ) )7).#23( 8( 5(4%&4')4%) 8(/ :145&(4;$&(/ +f,7&5(/ ) J

#*+7&#23( 8( &4.)/%&*)4%( 8( /)%($ +f,7&5( Q+$&45&+#7*)4%) 8#/)*+$)/#/ )/%#%#&/ :)8)$#&/RD V( 7#8( 8# $)5)&%#9 *)/*( )4:$)4%#48(:($%) $)8123( 8) #$$)5#8#23(9 :(& +$(.&8)45&#8# 1*# /)0v^45&# 8)8)/(4)$#2g)/ +#$# ).&%#$ # 01)8# 8( 5(4/1*( 8) +$(81%(/&481/%$&#7&I#8(/ ) )/%&*17#$ ( &4.)/%&*)4%( ) ( )*+$)'( )* /)%($)/)/+)56:&5(/ 8# &48f/%$&#  5 (  #1%(*(%&.(9 (/ +$(81%($)/ 8))7)%$(8(*B/%&5(/ 8) 7&4]# ,$#45#9 8) *#%)$&#7 8) 5(4/%$123( ) /)%($*(.)7)&$(D E/ 8)/(4)$#2g)/ :($#* )/%&*#8#/ )* >9b ++ 8( NO_Q_#$,(/# ) 8) i(1I#9 =>c>RD

!/ '#/%(/ +f,7&5(/ 5(* #/ %$#4/:)$^45&#/ 8) #//&/%^45&# ) +$).&8^45&# /(5&#7 :($#* (/ 01)9 8) :#%(9 *#&/ 5$)/5)$#* )4%$) %(8(/8)/8) =>>>9 #7#.#45#8(/ +)7# .#7($&I#23( 8( /#7;$&( *64&*(D P/%3(8)*(4/%$#8(/ 4( '$;:&5( #,#&A(9 )* +)$5)4%1#7 8( NO_D w; 5)$%(5(4/)4/( 8) 01) ( 5$)/5&*)4%( 8)//)/ '#/%(/ :(&9 )* '$#48) *)8&8#9$)/+(4/;.)7 +)7# /1/%)4%#23( 8# 8)*#48# 4( *)$5#8( &4%)$4( ) +)7#$)8123( 8# +(,$)I# ) 8)/5(45)4%$#23( 8# $)48# +)//(#7 8(/ f7%&*(//)%) #4(/D

Page 14: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 14/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   87 

8&9.-)1 [ ;U&#>'.+&\>)-# ?+ Z''-'7\>)-# + "&+%-?\>)-# + DP='J?-1'

<&#'-$5 W ?1 "]<

Y(4%)@ V(/ i#4%(/ Q=>c>R

x1#4%( #(/ &4.)/%&*)4%(/ $)#7&I#8(/ +)7( P/%#8(9 *#4%&.)$#*G/)9 /)* 8f.&8#9 )* ,#&A(/ +#%#*#$)/ 81$#4%) (/ f7%&*(/ 01&4I) #4(/D

P4%$)%#4%(9 ( &4.)/%&*)4%( +f,7&5( B9 5(*1*)4%)9 /1,#.#7&#8( 4#/#4;7&/)/ 5($$)4%)/9 +(&/ 4)7#/ /) 5(4/&8)$# #+)4#/ ( 8)/)*+)4]( 8#X4&3(9 01#48( /) 8).)$&# 4)5)//#$&#*)4%) 7).#$ )* 5(4/&8)$#23( (*(4%#4%) &4.)/%&8( +)7(/ P/%#8(/ ) W14&56+&(/ F 01#%$( .)I)/ *#&($01) ( &4.)/%&*)4%( 8# X4&3(9 )* *B8&# F )9 /(,$)%18(9 +)7#/ )*+$)/#/)/%#%#&/D ! +)/( 8#/ )/%#%#&/ :)8)$#&/ %)* /) #5)4%1#8( 8) :($*#/&'4&:&5#%&.# 4( &4.)/%&*)4%( %(%#7 8( '(.)$4( 8)/8) =>>LD !.)$8#8)&$( &*+#5%( 8( &4.)/%&*)4%( +f,7&5( B9 +($%#4%(9 *1&%(/1+)$&($ ) *#&/ 5(*+7)A( 8( 01) #01)7) :$)0v)4%)*)4%) #,($8#8(9 (

01) )A&') 1*# #4;7&/) *#&/ $&'($(/# ) 01) .; #7B* 8# 5(4%#,&7&8#8) +f,7&5# %$#8&5&(4#7Dcc !/ 8#8(/ *#&/ +$<A&*(/ 8# $)#7&8#8) 8# +#$%&5&+#23( 8(

&4.)/%&*)4%( 8( /)%($ +f,7&5( 4# )5(4(*&# /3( #+$)/)4%#8(/ 4# %#,)7# c# /)'1&$9 +$(81I&8(/ +($ 1*# *)%(8(7('&# )7#,($#8# +($ r(,)%%&Q=>c>RD E%$#.B/ 8)7# B +(//6.)7 5(4/%#%#$ 01)9 4( #4( 8) =>>\9 (5($$)1 #*#&($ %#A# 8) &4.)/%&*)4%( )* $)7#23( #( NO_ 8(/ f7%&*(/ 01&4I) #4(/9

Page 15: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 15/35

'%    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

01#48( )//) 648&5) #75#42(1 L9b?` 8( NO_ F 5(4/&8)$#48(G/)9 4)//)5;7517(9 #/ %$^/ )/:)$#/ 8# :)8)$#23( ) #/ )*+$)/#/ )/%#%#&/ :)8)$#&/D

U#=+$# :

E+)/#$ 8( )A+$)//&.( 5$)/5&*)4%( 8# %#A# 8) &4.)/%&*)4%( +f,7&5( 5#,) :#I)$ 81#/ (,/)$.#2g)/D P* +$&*)&$( 71'#$9 )*,($# -;)/%&.)//) )* *#$5]# 1*# +(76%&5# :&/5#7 #4%&5657&5# 8)/8) ( 5(*)2( 8#5$&/)9 )* (1%1,$( 8) =>>?9 (/ &4.)/%&*)4%(/ :)8)$#&/ +)$*#4)5)$#*)/%#'4#8(/ )4%$) 8)I)*,$( 8) =>>? ) *#$2( 8) =>>\9 4# *#&/ 8&:65&7

Page 16: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 16/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   :9 

%$#.)//&# 8# %1$,17^45&#9 /< &4&5&#48( /1# )A+#4/3( #+</ ( #4f45&( 8#$)8123( 8# *)%# 8) /1+)$;.&% +$&*;$&( )* *#$2( 8) =>>\9 +($%#4%(9

/)&/ *)/)/ #+</ # 8):7#'$#23( &4%)$4# 8# 5$&/) Q5(4:($*) 8#8(/ )*r!_PMMO9 =>c>RD P//) +(8) %)$ /&8( 1* #%$#/( :#%#7 +#$# 01) ( #4(8) =>>\ /) )45)$$#//) 5(* 1* 5$)/5&*)4%( 417( (1 +$<A&*( 8) I)$(DP* /)'148( 71'#$9 (/ &*+#5%(/ )A+#4/&.(/ 8( &4.)/%&*)4%( 8( /)%($ +f,7&5( /(,$) ( &4.)/%&*)4%( +$&.#8( )9 /(,$)%18(9 /(,$) ( 46.)7 8)$)48# ) )*+$)'( +)$*#4)5)* &48):&4&8(/9 4# #1/^45&# 8) 1* 5;7517(*#&/ +$)5&/( 8( *17%&+7&5#8($ 8( &4.)/%&*)4%( +f,7&5( ) 8)&4:($*#2g)/ *#&/ 5(*+7)A#/ ) 8)%#7]#8#/ /(,$) ( *)$5#8( 8)%$#,#7](D E7B* 8&//(9 43( /) +(8) 8)/5(4/&8)$#$ ( &*+#5%(9

&'1#7*)4%) :($%)9 *#/ )* /)4%&8( 5(4%$;$&(9 +$(.(5#8( +)7#/ %#A#/ 8) -1$(/ *#4%&8#/ )* +#%#*#$)/ )7).#8(/ ) +)7# %#A# 8) 5d*,&(.#7($&I#8# /(,$) #01)7#/ .#$&;.)&/ *#5$()5(4H*&5#/ 5&%#8#/D

! )/%6*17( 8( 7#8( 8( 5(4/1*( ) &4.)/%&*)4%( 8( '(.)$4( ) # :($%)5(4%$#23( 8#/ $)5)&%#/ %$&,1%;$&#/ $)/17%#$#* )* $)8123( 8( /1+)$;.&%

 +$&*;$&(D ! #4( 8) =>>\9 )4%$)%#4%(9 )45)$$(1G/) 5(* 1* /1+)$;.&% )7).#8( +#$# 1*# 5(4-14%1$# 8) /1+)$#23( 8) 5$&/) $)5)4%)9 8) =9>q` 8( NO_ (1ZeqL9K ,&7]g)/ Q.)$ %#,)7# = #,#&A(R9 8)4145&#48( ( #*+7( )/+#2( 01)8)&A(1 8) /)$ 1%&7&I#8( +)7# +(76%&5# :&/5#7 +#$# +$(81I&$ 8&4#*&/*( ) 5(4%)$# +)$8# 8) )*+$)'( ) 8) $)48# #( 7(4'( 8( #4(D E +(76%&5# :&/5#7 /)'1&1 4#

8&$)23( 5($$)%#9 *#/ 5(* 1*# &4%)4/&8#8) $)7#%&.# *1&%( ,#&A#D

U#=+$# M

E %#,)7# b *(/%$# ( )7).#8( ) /&4'17#$ $)/17%#8( +$&*;$&( 8#)5(4(*&# ,$#/&7)&$# )* 5(*+#$#23( 5(* #/ (1%$#/ )5(4(*&#/ 8(*148(D h( #51*17#8( 8( #4( 8) =>>\ #%B ( %)$5)&$( %$&*)/%$)9

Page 17: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 17/35

'&    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

)401#4%( ( _$#/&7 :#I&# c9a` 8( NO_ 8) /1+)$;.&% +$&*;$&(9 #)5(4(*&# #*)$&5#4# +$(81I&# 8B:&5&% 8) cc9q` ) #/ )5(4(*&#/ 8#

I(4# 8( )1$( q9b`9 )* *B8&#DU#=+$# Q

E -1/%&:&5#%&.# +#$# # *#41%)423( 8) +#%#*#$)/ )7).#8(/ 8)/1+)$;.&% +$&*;$&( $)+(1/# 4# 4)5)//&8#8) 8) 5(4%$(7#$ ( 5$)/5&*)4%(8# 86.&8# +f,7&5#D P4%$)%#4%(9 )* =>>\9 ( 5$)/5&*)4%( 8# 86.&8#)/%).)9 )* '$#48) +#$%)9 #//(5&#8( J .#7($&I#23( 8( 5d*,&(D

i)'148( $)7#%<$&( 8( _#45( S)4%$#79 ( +$&45&+#7 :#%($ 01)

5(4%$&,1&1 +#$# # )7).#23( 8# 86.&8# 7601&8# 8( /)%($ +f,7&5( )* L9K +D+D 8( NO_ 4( #51*17#8( 8( #4( 8) =>>\ :($#* (/ -1$(/ 4(*&4#&/901) +#$%&5&+#$#* 5(* K9L +D+D 8( NO_D P4%$)%#4%(9 43( #+)4#/ (/ -1$(/:($#* ( +$&45&+#7 .&73(D E .#7($&I#23( 5#*,&#79 8) bb9\` 4( #4( F01) /) 4(%#,&7&I(1 5(*( # *#&($ .#7($&I#23( 5#*,&#7 8) %(8( ( +7#4)%# F 5(4%$&,1&1 (1%$(/ =9K +D+D 8( NO_D ! ):)&%( 8( 5d*,&( /(,$)# 86.&8#9 )4%$)%#4%(9 43( B :#5&7*)4%) &8)4%&:&5;.)7D !/ 5#4#&/ 8)%$#4/*&//3( )4%$) 5d*,&( ) 86.&8# 7601&8# /3( 8) 8(&/ %&+(/DN$&*)&$#*)4%)9 B +$)5&/( $)//#7%#$ ( ):)&%( 8( 5d*,&( /(,$) (

/1+)$;.&% +$&*;$&(D ! 5d*,&( #+$)5&#8(9 #8&5&(4#8( #( ,#&A(8&4#*&/*( 8# )5(4(*&# &4%)$4#5&(4#79 +$(.(5(1 01)8# 4#/)A+($%#2g)/ 8) +$(81%(/ &481/%$&#7&I#8(/ )9 +($ 5(4/)0v^45&#9 ,#&A(8)/)*+)4]( 4# &48f/%$&# 4#5&(4#79 +$)//&(4#8#9 #7B* 8&//(9 +)7# #7%#Q) 8)/&'1#7R 5(*+)%&23(9 4( *)$5#8( &4%)$4(9 5(* (/ +$(81%(/&*+($%#8(/D E +(76%&5# 5#*,&#7 43( :(& 1%&7&I#8# 5(*( *)5#4&/*(5(*+)4/#%<$&( +#$# #/ +)$8#/ 4( 5(*B$5&( )A%)$&($9 5(4%$&,1&48(9

Page 18: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 18/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   :5 

#//&*9 +#$# %($4#$ # &48f/%$&# 4#5&(4#7 *)4(/ 8&4d*&5# ) *#&/ +$&*#$&I#8#D S(*( B '$#48) ( +)/( 8# &48f/%$&# 4# #$$)5#8#23( F

%)48( 5($$)/+(48&8(9 )* =>>?9 # LK9a` G ( ,#&A( 8)/)*+)4]( $)5)4%)8)/%) /)%($ 8)$$1,(1 # $)5)&%# 8) %$&,1%(/9 $)81I&48(9 +($5(4/)0v^45&#9 ( /1+)$;.&% +$&*;$&(D M#7 $)/17%#8( +$&*;$&(9 01) )* +)$6(8(/ #4%)$&($)/9 5(*+)4/#.# # 5(4%# 8) -1$(/9 +1A#48( +#$# ,#&A(( &48&5#8($ 8# 86.&8# 7601&8#9 )* =>>\9 )4%$)%#4%(9 )* :1423( Q8)4%$)(1%$(/ *(%&.(/R 8# +$)//3( 8( 5d*,&( /(,$) #/ $)5)&%#/ 8) %$&,1%(/9&*+#5%(1 *)4(/9 %)48( 5(4%$&,168( +#$# $)81I&$ # $)7#23( 86.&8#oNO_)* =9c +D+D 8( NO_D

! (1%$( &*+#5%( 5#1/#8( +)7( 5d*,&( .)* 8( /)1 ):)&%( /(,$)

#/ $)/)$.#/ &4%)$4#5&(4#&/D N#$# /) 8)7&4)#$ # *#'4&%18) 8)//)&*+#5%(9 /)'148( ( $)7#%<$&( 8( _#45( S)4%$#79 4( #51*17#8( 8( #4(#%B /)%)*,$(9 # 86.&8# 7601&8# 5$)/5)1 )* ZeaL9K ,&7]g)/ )* :1423(8# .#7($&I#23( 5#*,&#7 8) =b9\=`D P//) +$(5)//( %)* /1# )A+7&5#23(4# $)8123( 8( .#7($9 )* $)#&/9 8#/ $)/)$.#/ &4%)$4#5&(4#&/ )9 +($%#4%(94# +)$8# 8) .#7($ 8( #%&.( 8( '(.)$4( 5)4%$#7D x1#4%( *#&/ ( 5d*,&(/) .#7($&I#9 *)4($ B ( .#7($ )* $)#&/ 8#/ $)/)$.#/ &4%)$4#5&(4#&/ 8( +#6/ Q01) /3( 8)4(*&4#8#/ )* 8<7#$)/ ) $)+$)/)4%#* 1*# +#$5)7#/&'4&:&5#%&.# 8(/ #%&.(/ :&4#45)&$(/ +f,7&5(/RD M#&/ #%&.(/9 +($ /1# .)I9

/3( 8)81I&8(/ 8# 86.&8# ,$1%# +#$# /) (,%)$ # 86.&8# 7601&8# 8( /)%($ +f,7&5(D V)//) *(8(9 # +)$8# 8) .#7($ 8( #%&.( j$)/)$.#/&4%)$4#5&(4#&/k :#I 5(* 01) # 86.&8# 7601&8# %(%#7 8( /)%($ +f,7&5(#1*)4%)D

! '$;:&5( # /)'1&$ *(/%$# #/ %$#-)%<$&#/ (+(/%#/ 8( 5d*,&(#+$)5&#8( ) 8# 86.&8# 7601&8# 8( /)%($ +f,7&5(D

Page 19: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 19/35

'$   !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

8&9.-)1 ^ ; _J%-?# 4J`P-?# ?1 D+71& "a=$-)1

VW ?1 "]<Y + 7#G# ?+ )HB=-1

! /1+)$;.&% +$&*;$&( B9 #//&*9 +(15( ):&5&)4%) +#$# 5(4%)$ ( +$(5)//( 8) )7).#23( 8( )48&.&8#*)4%( +f,7&5(9 +($01) ( 5$)/5&*)4%(8# 86.&8# B9 :148#*)4%#7*)4%)9 5(4/)0v^45&# 8( +#'#*)4%( 8) -1$(/ )8# #5)4%1#8# .#7($&I#23( 5#*,&#7D N#$# 01) ( /1+)$;.&% +$&*;$&(

 +$(81I&//) ( ):)&%( 8) 5(4%)$ ( 5$)/5&*)4%( 8# 86.&8# 7601&8# /)$&#4)5)//;$&( 01) :(//) )A5)//&.#*)4%) )7).#8(D h1*# 5(4-14%1$# 8) ,#&A( 8&4#*&/*( )5(4H*&5(9 )4%$)%#4%(9 B )A5)//&.#*)4%)/#5$&:&5#4%) &*+($ J +(+17#23( ( #7%( 51/%( /(5&#7 8# +$)/)$.#23( 8($)/17%#8( +$&*;$&(9 %)48( )* .&/%# 01) ( 5$)/5&*)4%( 8# 86.&8# B9 )*'$#48) *)8&8#9 8) ($&')* 5#*,&#7 ) *(4)%;$&#9 01) $)+$)/)4%#*$)%($4(/ :&4#45)&$(/ 8(/ 01#&/ # *#&($&# 8(/ 5&8#83(/ 43( $)%&$#4)4]1* +$(.)&%(D

E 8&$)23( 8# 5#1/#7&8#8) 8( :)4H*)4( 8# )A+#4/3( 8(

)48&.&8#*)4%( +f,7&5( 8;G/)9 +($%#4%(9 # +#$%&$ 8# +(76%&5# *(4)%;$&# )5#*,&#7 8)%)$*&4#48( ( #+)$%( :&/5#7 ) %)* ( +(8)$ 8) #417#$9 +#$5&#7*)4%)9 (/ &*+#5%(/ +(/&%&.(/ 8) (1%$#/ +(76%&5#/ *#5$()5(4H*&5#/5(*( 5$B8&%(9 &4.)/%&*)4%( +f,7&5(9 /#7;$&( *64&*( ) ,(7/#G:#*67&#D

Page 20: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 20/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   :: 

R /D6)- DQ6D-0) D . -D*9=D-.M8) D*)0J12*. K-./24D2-.

E5)&%#$ # ]&+<%)/) /)'148( # 01#7 #/ +(76%&5#/ 8(*B/%&5#/ 8)5#$;%)$ #4%&5657&5( :($#* 5#+#I)/ 8) '#$#4%&$ # $)51+)$#23( 8#)5(4(*&# ,$#/&7)&$# &*+7&5# /1+($ 01) )/%#/ %)4]#* /&8( 5($$)%#*)4%)5($$)%#*)4%) 8&*)4/&(4#8#/9 ( 01)9 5(4:($*) .&*(/ 4# /)23(#4%)$&($9 *)$)5) /)$ #( *)4(/ $)7#%&.&I#8(D

E( *)/*( %)*+(9 %#*,B* /&'4&:&5#$&# *&4&*&I#$ ( +#+)78)/)*+)4]#8( +)7# )5(4(*&# &4%)$4#5&(4#7 4( +$(5)//( 8)$)51+)$#23( )5(4H*&5# 8( _$#/&7D O/%( /(*)4%) :#$&# /)4%&8( /)#//1*6//)*(/ (1 # *#41%)423( 8( 01#8$( 8) )/%#'4#23( )5(4H*&5#*148&#79 (1 1* 5#/( 8) $)51+)$#23( 8# )5(4(*&# &4%)$4#5&(4#7 /)*01#701)$ ):)&%( 8) %$#4/,($8#*)4%( +#$# # )5(4(*&# ,$#/&7)&$#D Ef7%&*# ]&+<%)/) /)$&# 5(*+7)%#*)4%) &*+$(.;.)79 8#8( ( '$#1 8)#,)$%1$# 5(*)$5&#7 ) :&4#45)&$# 8# )5(4(*&# ,$#/&7)&$#D Z)/%#9 +($%#4%(9 # ]&+<%)/) /)'148( # 01#7 # )5(4(*&# &4%)$4#5&(4#7 +)$*#4)5) )/%#'4#8#9 ( 01) &*+)8&$&# 01) # $)51+)$#23( .&)//) +)7(/)/%6*17(/ 8( *)$5#8( )A%)$4(D P/%# ]&+<%)/) *)$)5) /)$ *)7]($01#7&:&5#8#D

_($2# [14&($ Q=>>\R #+$)/)4%# 8#8(/ 01) #+(4%#* $)51+)$#23(%#4%( 8( 5(*B$5&( &4%)$4#5&(4#7 01#4%( 8# +$(8123( &481/%$&#7 4#/)5(4(*&#/ #.#42#8#/ ) 4#/ )*)$')4%)/9 /)48( 01) 4)//#/ f7%&*#/ )/%#$)51+)$#23( %)* /&8( *#&/ &4%)4/# F )* )/+)5&#7 4# y/&#9 5#+&%#4)#8(/ +)7# S]&4# ) +)7# l48&#D i)'148( )/%) #1%($9 )* #'(/%( 8) =>>\ ##%&.&8#8) *#41:#%1$)&$# '7(,#7 ) ( 5(*B$5&( &4%)$4#5&(4#7#+$)/)4%#.#* %#A#/ 8) 5$)/5&*)4%( %$&*)/%$#&/ #41#7&I#8#/ 8)9$)/+)5%&.#*)4%)9 cL9a` ) a9=`9 &48&5#48( 01) j( +)$6(8( *#&/ 5$6%&5(8# 5$&/) &4%)$4#5&(4#7 -; z)/%#$&#{ 4( $)%$(.&/($k Q+D KRD O+)# Q=>>\@ c=R*(/%$# 01)9 -; 4( %)$5)&$( %$&*)/%$) 8) =>>\9 +)7( *)4(/ (&%( +#6/)/98) 1*# #*(/%$# 8) cb +#6/)/9 8)/)4.(7.&8(/ ) )* 8)/)4.(7.&*)4%(9 -;$)'&/%$#.#* %#A#/ +(/&%&.#/ 8) 5$)/5&*)4%( 8( NO_9 )4%$) (/ 01#&/l48&#9 S]&4#9 [#+3( ) S($B&# 8( i17D E7)*#4]# ) Y$#42#9 )*,($#)A&,&48( 4f*)$(/ *)4(/ +1-#4%)/9 %#*,B* -; 8#.#* /&4#&/ 8)$)51+)$#23(D X4&%)8 h#%&(4/ Q=>>\R #+(4%# ( /)'148( %$&*)/%$) 8)=>>\ 5(*( ( &465&( 8( *(.&*)4%( 8) $)51+)$#23( 8# )5(4(*&#*148&#79 F #&48# 01) 8) :($*# &$$)'17#$ ) /(, 5(48&2g)/ :$;')&/ F*(.&*)4%( )/%) 5#+&%#4)#8( +)7# y/&#9 )* +#$%&517#$ +)7(/ +#6/)/ )*

Page 21: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 21/35

'"    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

8)/)4.(7.&*)4%( 8#01)7# $)'&3( Q4(%#8#*)4%) # S]&4#9 (48) # 5$&/)43( +#//(1 8) 1*# %&)*6&R ) +)7( [#+3(D ! *(.&*)4%( 8)

$)51+)$#23( &4%)4/&:&5#G/) # +#$%&$ 8( /)'148( /)*)/%$) 8) =>>\901#48( # )5(4(*&# 4($%)G#*)$&5#4# -; 5(*)2# # $)'&/%$#$ %#A#/ +(/&%&.#/ 8) 5$)/5&*)4%( 8( NO_ QS)+#79 =>>\RD

U#=+$# T ; ]>?-)#?1&+' 7&-B+'7&#-' ?+ )&+')-B+>71 ?1 @&1?P71

+B @#J'+' ?+'+>%1$%-?1' '+$+)-1>#?1'5 MNNO(MNNb

!/ 8#8(/ 8) 5(*B$5&( &4%)$4#5&(4#7 5(4:&$*#* )/%) 7)4%( +$(5)//( 8) $)51+)$#23(9 4(%#8#*)4%) 4# y/&#D i)'148( ( '$;:&5( a )

# %#,)7# K #,#&A(9 ( 5(*B$5&( &4%)$4#5&(4#7 )4/#&# 1*# $)%(*#8# -; # +#$%&$ 8( /)'148( %$&*)/%$) 8) =>>\D E/ %#A#/ 8) 5$)/5&*)4%( *148&#78#/ )A+($%#2g)/ ) &*+($%#2g)/ +#$# ( %)$5)&$( %$&*)/%$) 8) =>>\#//)*)7]#*G/) J01)7#/ $)'&/%$#8#/ 4( %$&*)/%$) #4%)$&($ J 01),$# 8(u)]*#4 _$(%])$p/9 ) +)$*#4)5)* # 5$)/5)$ 4( %$&*)/%$) /)'1&4%)9 (01) ).&8)45&# 1*# $)51+)$#23( 5(4/&/%)4%)D P.&8)4%)*)4%)9 (/&*+#5%(/ 43( /3( &8^4%&5(/ +#$# %(8#/ #/ $)'&g)/@ )401#4%( ( 5(*B$5&()A%)$&($ %)* /) $)51+)$#8( 8) :($*# *#&/ +1-#4%) 4# y/&#9 #$)51+)$#23( #&48# B 7)4%# 4#/ E*B$&5#/ S)4%$#7 ) i17 Q%#,)7# KRD h#

y/&#9 ( .(71*) 8( 5(*B$5&( &4%)$4#5&(4#79 *)8&8( )* ,&7]g)/ 8)8<7#$)/9 +$#%&5#*)4%) &'1#7(19 4( %)$5)&$( %$&*)/%$) 8) =>>\9 (/ 46.)&/$)'&/%$#8(/ #4%)/ 8# 5$&/) Q'$;:&5( aRD

Page 22: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 22/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   :6 

8&9.-)1 c ; ,1BR&)-1 ->7+&>#)-1>#$5 +G@1&7#/F+' + -B@1&7#/F+' @1&

&+A-01

CDE =-$*F+'

 h(%#/@ Q#R O4571& #-1/%#*)4%( +#$# &*+($%#2g)/ &4%$#GX4&3( P1$(+B&#C Q,RO4571& &*+($%#2g)/ +#$# $))A+($%#23(D Y(4%)@ !WS9 )7#,($#23( +$<+$&#D

U#=+$# [ ; ,1BR&)-1 ->7+&>#)-1>#$5 +G@1&7#/F+' + -B@1&7#/F+' @1&

&+A-01 ; 7#G# ?+ )&+')-B+>71 7&-B+'7&#$ VWYO*+($%#2g)/

OOG=>>? OOOG=>>? O|G=>>? OG=>>\ OOG=>>\ OOOG=>>\ O|G=>>\W148( Q#9 ,R c>9qq  >9KL  Qc\9c?R  Q==9>bR  K9?a  c>9KL  ?9La E*B$&5# 8( h($%) c>9=c  =9qL  Qcq9?KR  Q=L9aqR  =9a?  c=9>=  a9>> E*B$&5#/ S)4%$#7 ) 8( i17 ca9qL  c>9b>  QcL9bcR  Q=?9\bR  Q>9a\R  cb9a?  a9L> P1$(+# Q#R ?9>=  QK9?qR  Q=>9=KR  Qcq9>qR  c9b\  ?9c>  ?9?\ S(*14&8#8) 8(/ P/%#8(/ O48)+)48)4%)/ =q9>>  \9=c  QcL9?KR  QLL9=cR  c=9a?  cc9ba  c?9c? y/&# Q,R cc9Kb  K9La  Q=c9b=R  Q=K9q=R  cK9a=  cL9bK  a9L\ 

PA+($%#2g)/OOG=>>? OOOG=>>? O|G=>>? OG=>>\ OOG=>>\ OOOG=>>\ O|G=>>\

W148( Q#9 ,R cc9=L  Qc9=>R  Q=>9\qR  Q=>9?bR  ?9>?  c>9cq  c>9=? E*B$&5# 8( h($%) \9bL  Q>9\?R  QcL9\aR  Qc?9\qR  =9Ka  q9>q  cc9cb 

E*B$&5#/ S)4%$#7 ) 8( i17 =>9cb  q9q?  Qbc9cbR  Q=c9c\R  =>9=\  K9L?  =9bK P1$(+# Q#R ?9b\  Qa9b?R  Qc?9qcR  QcK9\LR  L9>K  a9q>  c>9K= S(*14&8#8) 8(/ P/%#8(/ O48)+)48)4%)/ ca9Kq  a9\\  Q=\9\aR  QL>9q=R  cq9??  =>9ab  cK9aa y/&# Q,R cc9a>  K9aK  Qcq9?\R  Q=L9\=R  cc9q>  cb9=c  \9Lc 

 h(%#/@ Q#R O4571& #-1/%#*)4%( +#$# &*+($%#2g)/ &4%$#GX4&3( P1$(+B&#CQ,R O4571& &*+($%#2g)/ +#$# $))A+($%#23(DY(4%)@ !WS9 )7#,($#23( +$<+$&#D

Page 23: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 23/35

'#    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

X*# .)I 01) (/ 8#8(/ #+(4%#* $)51+)$#23( 8( 5(*B$5&(&4%)$4#5&(4#79 5#,) &48#'#$ )* 01) *)8&8# # )5(4(*&# ,$#/&7)&$#

#+$(.)&%(1G/) 8)/%# /&%1#23( +#$# &481I&$ ( /)1 +$(5)//( 8)$)51+)$#23( )5(4H*&5#D P.&8)4%)*)4%)9 # $)51+)$#23( 8( 5(*B$5&(&4%)$4#5&(4#7 /(*)4%) /) %$#81I&$; )* )A+#4/3( 8) 01#701)$ )5(4(*&#8(*B/%&5# /) )/%&.)$ $)7#5&(4#8# 5(* )A+#4/3( 8# 8)*#48# )A%)$4# +($ +$(8123( 8(*B/%&5#D i)'148( i)$$#4( Q=>>?@ ?LR9 j# #4;7&/)5($$)%# 8( +#+)7 8( /)%($ )A%)$4( 4# 8)%)$*&4#23( 8( 5$)/5&*)4%( 8(NO_ 8).) /)$ :)&%# 7).#48( )* 5(4%# 01) ( +$(81%( .#& /)$ 8#8( +)7# +$(+($23( 8# 8)*#48# #'$)'#8# Q%#*#4]( 8# 8)*#48# &4%)$4# *#&/)A+($%#2g)/R 01) B #%)48&8# +)7# +$(8123( &4%)$4#D E//&*9

&48)+)48)4%)*)4%) 8( 01) (5($$) 5(* ( /#78( 5(*)$5&#79 01#701)$5(&/# 01) #1*)4%) # 8)*#48# &4%)$4# (1 #/ )A+($%#2g)/ )A+#48) #)5(4(*&#D x1#701)$ 5(&/# 01) #1*)4%) # +#$5)7# 8)/%# 8)*#48##'$)'#8# 01) /) %$#4/:($*# )* &*+($%#2g)/ 8&*&41& ( +$(81%(Dkc= 

V)/%) *(8(9 01#701)$ #:&$*#23( /(,$) ( +#+)7 8)/)*+)4]#8( +)7( /)%($ )A%)$4( 4# $)51+)$#23( 8# )5(4(*&# ,$#/&7)&$# 8).)5(4/&8)$#$ )//)/ #/+)5%(/D i(, )/%) +(4%( 8) .&/%#9 ( 01) +(8)G/)(,/)$.#$ 5(* ,#/) 4(/ 8#8(/ 8( '$;:&5( ? ) 8# %#,)7# q #,#&A( 01)@ Q&R# +#$%&$ 8( /)'148( %$&*)/%$) 8) =>>\9 #/ )A+($%#2g)/ ,$#/&7)&$#/

.(7%#* # $)51+)$#$G/) 8)+(&/ 8) 8(&/ %$&*)/%$)/ )* 01) /(:$)$#* 1*#01)8# ,$1%#7C Q&&R # +#$%&5&+#23( 8#/ &*+($%#2g)/ ,$#/&7)&$#/ 4( NO_/(:$) 1*# 01)8# ,$1%#7 # +#$%&$ 8( +$&*)&$( %$&*)/%$) 8) =>>\C ) Q&&&R # +#$%&$ 8( /)'148( %$&*)/%$) 8) =>>\9 #/ )A+($%#2g)/ 5$)/5)* # 1*#%#A# /1+)$&($ J $)7#23( &*+($%#2g)/oNO_D h# 5(*+#$#23( )4%$) (%)$5)&$( %$&*)/%$) 8) =>>\ 5(* ( 01#$%( %$&*)/%$) 8) =>>?9 #/)A+($%#2g)/ $)'&/%$#* 1*# 01)8# 8) cc`9 5(4%$# 1*# 01)8# 8) =a`8# $)7#23( &*+($%#2g)/oNO_ QM#,)7# qRD !/ 8#8(/9 )4%3(9 +)$*&%)*5(4571&$ 01)9 *)/*( 8)+(&/ 8) 8):7#'$#8# # 5$&/) :&4#45)&$#9 1*#

 +($23( *#&($ 8# 8)*#48# &4%)$4# :(& #%)48&8# +($ +$(8123( &4%)$4#9 8)*(8( 01) ( /)%($ )A%)$4( 5(4%$&,1&1 +(/&%&.#*)4%) +#$# # $)51+)$#23()5(4H*&5# ,$#/&7)&$# # +#$%&$ 8( /)'148( %$&*)/%$) 8) =>>\D

Page 24: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 24/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   :7 

Y(4%)/@ O+)#8#%#9 )A5)%( &*+($%#2g)/oNO_9 51-# :(4%) B ( O_rPD P7#,($#23( +$<+$&#D h(%#@ }P* 5(*+#$#23( 5(* ( %$&*)/%$) #4%)$&($D

n &*+($%#4%) *)45&(4#$ 01) # 5(4%$&,1&23( 8# 8)*#48# )A%)$4#4# $)51+)$#23( 8# )5(4(*&# ,$#/&7)&$# 43( +(//1& 01#701)$ $)7#23(5(* 01#701)$ *)8&8# 8) +(76%&5# )5(4H*&5# &4%)$4#D P* +$&*)&$(71'#$9 ( #76.&( )A%)$4( +)7( 7#8( 8#/ )A+($%#2g)/ #8.)&( +$)+(48)$#4%)*)4%) 8# )A+($%#23( 8) +$(81%(/ ,;/&5(/D V) :#%(9 # +#1%# 8) )A+($%#2g)/ ,$#/&7)&$# $)'&/%$(1 1* $;+&8( *(.&*)4%( 8))/+)5&#7&I#23( $)'$)//&.# 81$#4%) ( +$&*)&$( /)*)/%$) 8) =>>\901#48( # +#$%&5&+#23( 8(/ +$(81%(/ ,;/&5(/ /(,) 8) ba` )* /)%)*,$(

8) =>>? +#$# La` )* -14]( 8) =>>\ Q'$;:&5( \RD ! +)$6(8( 5(&45&8)5(* # $)51+)$#23( 8(/ +$)2(/ 8#/ .*%%*/0+0#-  4(/ *)$5#8(/&4%)$4#5&(4#&/9 +1A#8(/ )//)45&#7*)4%) +)7# 8)*#48# 5]&4)/#9 01)*#4%).) /1# )5(4(*&# #01)5&8# )* =>>\9 #+)/#$ 8) %)$ /(:$&8( 1*#7&')&$# 8)/#5)7)$#23( 4( +$&*)&$( %$&*)/%$) 8) =>>\D

P* /)'148( 71'#$9 ( $)'&*) 5#*,&#7 ,$#/&7)&$( ,#/)#8( 4(5d*,&( :71%1#4%) 5(* 7&.$) *(.&*)4%#23( 8) 5#+&%#&/ 43( /(:$)1

Page 25: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 25/35

"%    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

01#701)$ #7%)$#23( *)/*( 5(* # 8):7#'$#23( 8# 5$&/) &4%)$4#5&(4#7D!/ &*+#5%(/ &4&5&#&/ 8# :($%) 8)+$)5&#23( 5#*,&#7 (5($$&8# )4%$)

/)%)*,$( ) 8)I)*,$( 8) =>>?9 01) +(8)$&#* $)/17%#$ )* 1* )/%6*17(*#&/ +1-#4%) +)7( 7#8( 8( /)%($ )A%)$4(9 :($#* $#+&8#*)4%)5(*+)4/#8(/ 5(* ( +(/%)$&($ *(.&*)4%( 8) $)G#+$)5&#23( 5#*,&#7(5($$&8( # +#$%&$ 8) *#$2( 8) =>>\D V)/%) *(8(9 # $)%(*#8# 8#8)*#48# )A%)$4# 5(*( :#%($ $)/+(4/;.)7 +($ +#$%) 8# $)51+)$#23()5(4H*&5# ,$#/&7)&$# )/%; #//(5&#8# #(/ '#4](/ 8(/ %)$*(/ 8) %$(5##8.&48(/ 8# #7%# 8(/ +$)2(/ 8#/ .*%%*/0+0#-D

! *(.&*)4%( 8) $)G#+$)5&#23( 5#*,&#79 +($ /1# .)I9 )/%;#//(5&#8( J $)%(*#8# 8(/ :71A(/ 8) 5#+&%#7 )/%$#4')&$(D S(* ):)&%(9 ##4;7&/) 8#/ .#$&;.)&/ 8) 4#%1$)I# :&4#45)&$# %#*,B* +)$*&%) (,/)$.#$# &*+($%d45&# 8(/ #5(4%)5&*)4%(/ )A%)$4(/ 4# $)51+)$#23( 8#)5(4(*&# ,$#/&7)&$#D P/%) B9 #7&;/9 1* /)'148( #/+)5%( 8# )5(4(*&#&4%)$4#5&(4#7 01) *)$)5) 8)/%#01)9 )* +#$%&517#$ +($ /1#/$)+)$51//g)/ /(,$) #/ )5(4(*&#/ )*)$')4%)/D P* 5(4%$#/%) 5(* #/5$&/)/ :&4#45)&$#/ +$)5)8)4%)/ 8(/ #4(/ c\\>9 # $)8123( 5(($8)4#8#8#/ %#A#/ 8) -1$(/ 8#/ )5(4(*&#/ 5)4%$#&/ :)I 5(* 01) ( %)*+( 8)81$#23( 8# 5(4%$#23( 8) 7&01&8)I &4%)$4#5&(4#7 :(//) $)7#%&.#*)4%)51$%(D E +(76%&5# *(4)%;$&# )A+#4/&.# 5(481I&8# +)7(/ +#6/)/ 5)4%$#&/)* /1#/ $)/+)5%&.#/ )5(4(*&#/ 4(/ *(*)4%(/ &*)8&#%#*)4%) +(/%)$&($)/ J 01),$# 8( u)]*#4 _$(%])$p/ +)$*&%&1 # ')$#23( 8) 1*#j)4($*) /(,$# 8) 7&01&8)I +)7( *148(k QS#$.#7](9 =>>\@ c=>R 01)

Page 26: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 26/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   ;9 

)/%#$&#* ')$#48( 1*# 4(.# (48# )/+)517#%&.# :(5#8# )* %6%17(/ 8(/ +#6/)/ )*)$')4%)/9 $):7)%&48( 1* j$)4(.#8( #+)%&%) +($ #%&.(/ *#&/

#$$&/5#8(/k QX4&%)8 h#%&(4/9 =>>\@ c=RDn &*+($%#4%) $)//#7%#$ 01)9 )* 1* 5(4%)A%( 8) 5(4%$#23( 8(/46.)&/ &4%)$4#5&(4#&/ 8) 7&01&8)I9 (/ ,#45(/ 5)4%$#&/ 8#/ )5(4(*&#/)*)$')4%)/ .^)*G/) (,$&'#8(/ # #+)$%#$ /1#/ +(76%&5#/ *(4)%;$&#/ 5(*( &4%1&%( 8) ).&%#$ :1'# 8) 5#+&%#&/ 01) &481I)* *(.&*)4%(/ 8) ,$1/5#/ ) #5)4%1#8#/ 8)+$)5&#2g)/ 5#*,&#&/ 5(* /)1/ &48)/)-;.)&/):)&%(/ &4:7#5&(4;$&(/D h#/ 5$&/)/ :&4#45)&$#/ (5($$&8#/ 4# 8B5#8# 8)c\\>9 )$# +$)5&/#*)4%) &/%( ( 01) (5($$&#D [; 4# 5$&/) #%1#79 #$)/%#1$#23( 8(/ 46.)&/ 8) 7&01&8)I # +#$%&$ 8( &465&( 8) =>>\ +)$*&%&1

01) #/ )5(4(*&#/ )*)$')4%)/ $)5(*+1/)//)* /1#/ $)/)$.#/&4%)$4#5&(4#&/D V) 1* *(8( ')$#79 /#7.( #7'1*#/ )A5)2g)/ F 5(*( (5#/( 8# S($B&# 8( i17 ) 8( WBA&5( F # ,#&A# &4%)4/&8#8) 4# +)$8# 8)$)/)$.#/ &4%)$4#5&(4#&/ 81$#4%) ( #1') 8# 5$&/) 43( :(& 1* +$&.&7B'&(8# )5(4(*&# ,$#/&7)&$# QE$')4%&4# ) S]&7)9 +($ )A)*+7(9 $)'&/%$#$#* +(15#/ +)$8#/R9 8) *(8( 01) )//#/ )5(4(*&#/ +#//#$#* +)7# 5$&/) +$#%&5#*)4%) /)* #$5#$ 5(* ( H41/ 8) 5$&/)/ 5#*,&#&/D

P/%) 5)4;$&( 8) $)%(*#8# 8# 7&01&8)I &4%)$4#5&(4#7 +)$*&%&1 01)#/ )5(4(*&#/ )*)$')4%)/ %#*,B* #8(%#/)* *)8&8#/ .&/#48( #$)+(/&23( 8# 7&01&8)I 5(4%$#68# 81$#4%) # 5$&/)9 ,)* 5(*( # '#$#4%&#8# /(7&8)I 8(/ /)1/ /&/%)*#/ ,#45;$&(/D h# E*B$&5# u#%&4#9 +($)A)*+7(9 # 5$&#23( 8) 7&4]#/ )/+)5&#&/ 8) 5$B8&%( )* *()8# 4#5&(4#7 )

Page 27: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 27/35

"&    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

)/%$#4')&$# +($ +#$%) 8(/ .;$&(/ ,#45(/ 5)4%$#&/ %)$&# &481I&8( (/#')4%)/ 8(/ *)$5#8(/ :&4#45)&$(/ # )7).#$ ( '$#1 8) 5(4:&#42# 4#

/(7.#,&7&8#8) 8( /&/%)*# ,#45;$&( 8#01)7# $)'&3( QS)+#79 =>>\@ aKR9 (01) /) $):7)%&1 4# 01)8# 8( +$^*&( 8) $&/5( *)8&8( +)7( PW_Om98)+(&/ 8# #5)4%1#8# )7).#23( +($ (5#/&3( 8# )57(/3( 8# 5$&/):&4#45)&$# 4( :&4#7 8) =>>?9 5(4:($*) ( '$;:&5( cc #,#&A(D

8&9.-)1 :: ; D@&+#?' ?+ B+&)#?1' +B+&A+>7+'

3B=-d VBR?-# 717#$Y + 3B=-d @#&# @#J'+' '+$+)-1>#?1'

S(* ):)&%(9 (/ :71A(/ 8) 5#+&%#&/ 4# *(8#7&8#8) 8) &4.)/%&*)4%()* +($%:<7&( $)51+)$#.#*G/) 8) :($*# j#5)4%1#8#k QX4&%)8 h#%&(4/9=>>\@ c=R -; # +#$%&$ 8) *#$2( 8) =>>\D P9 )*,($# 4# *(8#7&8#8) 8)

)*+$B/%&*(/ ,#45;$&(/ # 01)8# %)4]# /&8( *#&($ QX4&%)8 h#%&(4/9=>>\@ c=R9 (/ 8#8(/ -; #+(4%#* +#$# # $)%(*#8# 8(/ :71A(/ 8):&4#45&#*)4%( 4#/ *(8#7&8#8)/ 8) #2g)/9 8),^4%1$)/ ) )*+$B/%&*(/DV) #5($8( 5(* ( '$;:&5( c= #,#&A(9 )4%$) #/ )5(4(*&#/ )*)$')4%)/9 #/8# P1$(+# ) y/&# )$#* #/ +$&45&+#&/ $)5)+%($#/ 8) :&4#45&#*)4%()A%)$4( 4)//#/ *(8#7&8#8)/D N#$# # y/&#9 )//)/ :71A(/ $)%($4#*9 -; 4(/)'148( %$&*)/%$) 8) =>>\9 #(/ +#%#*#$)/ +$BG5$&/)D

Page 28: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 28/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   ;5 

[; ( &4.)/%&*)4%( 8&$)%( )/%$#4')&$( )A&,&19 81$#4%) # 5$&/)

:&4#45)&$#9 1*# 7&')&$# 01)8# )4%$) (/ +#6/)/ 7#%&4(G#*)$&5#4(/9 /)48(*#&/ 8$#*;%&5# # 01)8# +#$# # E*B$&5# S)4%$#7D P4%$)%#4%(9 01#48(5(*+#$#8# J/ 8)*#&/ *(8#7&8#8)/ 8) &4'$)//(/ 8) $)51$/(/ )A%)$4(/9( OVP 8)/5$).) 1*# %$#-)%<$&# *#&/ )/%;.)7 +#$# # *B8&# 8# $)'&3(D n&*+($%#4%) 4(%#$ 01) )/%) 5(*+($%#*)4%( +#$)5) #7'( &4)$)4%) J*(8#7&8#8) OVP9 1*# .)I 01)9 )* 5$&/)/ #4%)$&($)/9 (,/)$.(1G/) (*)/*( +#8$3( )/%;.)79 #&48# 01) (/ .(71*)/ 8) &4'$)//(/ :(//)*8&/%&4%(/ QOWY9 =>>\#@ =cGLRD

P* /1*#@ -; # +#$%&$ 8( /)'148( %$&*)/%$) 8) =>>\ (/ :71A(/ 8)

5#+&%#&/ $)%($4#* +#$# (/ +#6/)/ )*)$')4%)/ )9 )* +#$%&517#$9 +#$# #E*B$&5# u#%&4#D P.&8)4%)*)4%)9 # )5(4(*&# ,$#/&7)&$# %#*,B* ,)4):&5&(1G/) 8)//)/ :71A(/D ! +#8$3( 8)/5$&%( +)7( _$#/&7 ) +)7#E*B$&5# u#%&4# :(& /)*)7]#4%) J 8( $)/%#4%) 8#/ )5(4(*&#/)*)$')4%)/@ 01)8# ,$1/5# 8(/ &4'$)//(/ 8) 5#+&%#&/ 4# *(8#7&8#8) 8):&4#45&#*)4%( )A%)$4( 4( f7%&*( %$&*)/%$) 8) =>>? ) $)51+)$#23( +#$5&#7 # +#$%&$ 8( +$&*)&$( %$&*)/%$) 8( #4( /)'1&4%)D !1 /)-#9 #

Page 29: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 29/35

"$   !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

$)51+)$#23(9 #&48# 01) +#$5&#79 8(/ :71A(/ )A%)$4(/ 8) 5#+&%#&/ )/%; 7(4')8) /)$ 5(4/&8)$#8# 1* :)4H*)4( )A571/&.( +#$# # )5(4(*&# ,$#/&7)&$# F

4# .)$8#8)9 # 01)8# (5($$&8# 4( f7%&*( %$&*)/%$) 8) =>>? :(& ,)* *#&/&4%)4/# +#$# ( _$#/&7 QFa?`R 8( 01) +#$# # *B8&# 8# E*B$&5# u#%&4# QF =\`R ) 8( 01) # *B8&# 8(/ +#6/)/ )*)$')4%)/ QFKq`RDcb P9 )*,($# )4%$)(/ /)1/ +#$)/ 7#%&4(G#*)$&5#4(/ ( _$#/&7 /)-# ( 01) *#&/ $#+&8#*)4%)$)51+)$(1 (/ :71A(/ )A%)$4(/ 8) 5#+&%#&/ 8) :&4#45&#*)4%(9 #&48# +)$*#4)5) #%$;/ 8# S]&4#9 S($B&# 8( i179 y:$&5# 8( i17 ) WBA&5(9 ) :&5##+)4#/ *#$'&4#7*)4%) J :$)4%) 8# Zf//&# ) 8# l48&#D

 h(%#@ &4571& #2g)/9 %6%17(/ 8) $)48# :&A# Q51$%( ) 7(4'( +$#I(/R )

)*+$B/%&*(/DcL Y(4%)@ OWY Q=>>? ) =>>\R

!/ 8#8(/ 8( '$;:&5( cL #,#&A( *(/%$#* 01)9 -; # +#$%&$ 8(/)'148( %$&*)/%$) 8) =>>\ ( /#78( 8# 5(4%# 5#+&%#7 ) :&4#45)&$# ,$#/&7)&$# #%&4'&# +#%#*#$)/ /)*)7]#4%)/ #( +)$6(8( +$BG5$&/)D P/%)

Page 30: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 30/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   ;: 

8)/)*+)4]( B )A+7&5#8( +)7# $)%(*#8# 8( &4.)/%&*)4%( )* 5#$%)&$#901) #%&4') 46.)&/ $)5($8)/ 4( b~ %$&*)/%$) 8) =>>\D

Y(4%)@ _S_9 )7#,($#23( +$<+$&#D

P*,($# ( /)4/( 5(*1* 5(4/&8)$) 01) (/ $)51$/(/ )A%)$4(/ 01)&4'$)//#* 4# )5(4(*&# ,$#/&7)&$# +($ *)&( 8# 5(4%# :&4#45)&$# 8(_#7#42( 8) N#'#*)4%(/ )/%3( #%$)7#8(/ #(/ j,(4/ :148#*)4%(/*#5$()5(4H*&5(/k9 # #4;7&/) 8(/ 8#8(/ #+(4%# 4(.#*)4%) +#$# (/ ,)4):65&(/ ($&148(/ 8# $)51+)$#23( 8) #7'14/ #/+)5%(/ 8# )5(4(*&#&4%)$4#5&(4#79 4(.#*)4%) +)7( 7#8( 8(/ :71A(/ 8) 5(*B$5&( ) 8)7&01&8)I &4%)$4#5&(4#7D !/ $)51$/(/ )A%)$4(/ &4'$)//#4%)/ 4( /)'*)4%(8) $)48# :&A# /3( #%$#68(/ +)7#/ #&48# )7).#8#/ %#A#/ 8) -1$(/8(*B/%&5#/9 )* +#$%&517#$ # %#A# ,;/&5# 8):&4&8# +)7( _#45( S)4%$#78( _$#/&79 01) +)$*#4)5)* $)7#%&.#*)4%) )7).#8#/ 43( (,/%#4%) (7)4%( 5&57( 8) $)8123( $)5)4%) )* 5&45( +(4%(/ +)$5)4%1#&/ Q8)cb9aK` #D#D +#$# ?9aK` #D#DR # +#$%&$ 8( *^/ 8) -#4)&$( 8) =>>\D

Page 31: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 31/35

""    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

S)0/2ID-.MTD/ C20.2/

E/ +(76%&5#/ *(4)%;$&# ) :&/5#7 #4%&5657&5#/ &*+7)*)4%#8#/ #+</ #)57(/3( 8# 5$&/) :&4#45)&$# ).(716$#* 4# 8&$)23( 5($$)%#9 /&'4&:&5#48(9)* 5)$%( /)4%&8(9 1* #.#42( )* 5(*+#$#23( 5(* ( 5(4/)$.#8($&/*(.&')4%) #%B )4%3(D P4%$)%#4%(9 ( *(*)4%( 8) /1# &*+7)*)4%#23( .)&(5(* $)%#$8( ) 5(* &4%)4/&8#8) *(8)$#8#9 %#4%( 4( 01) /) $):)$) #( +#%#*#$ 8(/ -1$(/ F 01) #+$)/)4%#$#* $&'&8)I # 01)8# # +#$%&$ 8) 5)$%( +#%#*#$ F9 01#4%( #( *(4%#4%) 8) /1+)$;.&% +$&*;$&(D P//)/8)/5(*+#//(/ :145&(4#$#* 5(*( %$#.#/ J $)51+)$#23(9 &*+)8&48( 01)# )5(4(*&# ,$#/&7)&$# +18)//)9 #&48# )* =>>\9 #//1*&$ 1* 8&4#*&/*(*#&/ +$<A&*( 8#01)7) (5($$&8( 4#/ )5(4(*&#/ #/&;%&5#/D

i)* 01)$)$ *&4&*&I#$ (1 8)/*)$)5)$ ( +#+)7 :148#*)4%#7 8#/ +(76%&5#/ #4%&5657&5#/ +#$# # $)51+)$#23( 8# )5(4(*&# ,$#/&7)&$#9 )/%)%$#,#7]( *(/%$(1 01) B 4)5)//;$&( $)7#%&.&I#$ )/%) #$'1*)4%(9$)#72#48( ( +#+)7 8)/)*+)4]#8( +)7# *)7]($&# 8( 5)4;$&( )A%)$4(D !#*,&)4%) &4%)$4#5&(4#7 4( #+</G5$&/) 5$&(1 5(48&2g)/ +#$# #$)51+)$#23(@ # $)51+)$#23( 8(/ +$)2(/ 8#/ .*%%*/0+0#-  Q01)5(4/%&%1)* )7)*)4%( )//)45&#7 8# +#1%# 8) )A+($%#2g)/ ,$#/&7)&$#R9 #$)%(*#8# 8( 5(*B$5&( &4%)$4#5&(4#7 &*+17/&(4#8( +)7# )5(4(*&#5]&4)/#9 ) $)51+)$#23( 8(/ :71A(/ 8) 5#+&%#&/ +#$# #/ )5(4(*&#/)*)$')4%)/9 5(4/%&%1)* (/ #/+)5%(/ +(/&%&.(/ 8( 5)4;$&( &4%)$4#5&(4#701) %&.)$#* &*+#5%( +(/&%&.( /(,$) # )5(4(*&# ,$#/&7)&$#95(4%$&,1&48( +#$# # /1# $)51+)$#23(D

Y&4#7*)4%)9 B &*+($%#4%) *)45&(4#$9 4)/%#/ 5(4/&8)$#2g)/:&4#&/9 +$)(51+#2g)/ 01) )4.(7.)* ( *(*)4%( 8) $)%(*#8#@ )/%#9#4%)/ 8) /) %($4#$ +)$:)&%#*)4%) 5(4/&/%)4%)9 -; )4:$)4%# #7'1*#/#*)#2#/9 5(*( ( #4f45&( +$)5(5) 8( $)51( 4#/ +(76%&5#/ :&/5#7 )*(4)%;$&#9 #%$#.B/ 8) *)8&8#/ $)5)4%)*)4%) #4145&#8#/9 5(*( #)7).#23( 8( 5(*+17/<$&(9 ( $)%($4( J/ *)%#/ 8) /1+)$;.&% +$&*;$&( 8)b9b` 8( NO_ ) # $)%&$#8# 8#/ 8)/(4)$#2g)/ %$&,1%;$&#/D E7B* 8&//(9 ];&4865&(/ 8) 01) # )5(4(*&# #&48# /) *#4%)$; $):B* 8(/ -1$(/ )7).#8(/) 5d*,&( .#7($&I#8( :#5) #( +)$6(8( )7)&%($#79 J/ +$).&/g)/ 8) #7%# 8)&4:7#23( +#$# (/ +$<A&*(/ *)/)/ 8) =>c> ) J &4/%#,&7&8#8) 8( 5)4;$&(&4%)$4#5&(4#7 5(* # $)5)4%) 5$&/) 01) #%&4'&1 # r$B5&# 5(7(5#48( )* +)$&'( # •(4# 8( P1$(D

Page 32: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 32/35

Page 33: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 33/35

"#    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF 

)* ]%%+/@oo€€€D+($%#7/(:D+7#4)-#*)4%(D'(.D,$o=>>\>a=?T>c9#5)//#8( )* >qo>co=>c>D

_ZXh!9 WD F E )5(4(*&# ,$#/&7)&$# ) # 5$&/) #*)$&5#4#@ ( 01) )/+)$#$ +#$#=>>\D O4@ 7*)'&6 /*- M.*'*%0-+&-9 8)I)*,$( 8) =>>?D

SEZ|Euw!9 SD PD SD F E 5$&/) &4%)$4#5&(4#7 8)/#:&# ( *(8)7( ,$#/&7)&$( 8)#,)$%1$# ) 7&,)$#7&I#23(D O4@ M-+2/*- =<&'F&/*-9 =>>\9 .(7D =b9 4~ qqD

SPNEuD F S(*&//3( P5(4H*&5# +#$# E*B$&5# u#%&4# ) S#$&,) F  (&6&'.#

 4)#60%0'&) /# 6&- #.*'*%0&- /# =%#)0.& "&+0'& N M6 O&)03#Di#4%&#'( 8) S]&7)@ S)+#79 V)I)*,$(9 =>>\D

V!i iEhM!i9 SD wD F B&'*)&%& /&- J0'&'F&- BP360.&-D _$#/67&#@ O4/%&%1%(8) N)/01&/# )5(4H*&5# #+7&5#8# F ONPE9 VOWES9 =>c>D

YZPOMEi9 WD SD ND F !/ ):)&%(/ 8# 5$&/) '7(,#7 4( _$#/&7@ #.)$/3( #( $&/5( )

 +$):)$^45&# +)7# 7&01&8)I 4( *)$5#8( 8) 5$B8&%(D O4@  M-+2/*- =<&'F&/*-9 =>>\9 .(7D =b9 4~ qqDrPhMOu9 VD uD F S$&/) )5(4H*&5#@ *)5#4&/*(/ 8) %$#4/*&//3( )A%)$4# )

5(48&5&(4#4%)/ &4%)$4(/D O4@ I*.0&60-%* # "03#)/&/#9 #4( O9 4~c9 *#&(8) =>>\D V&/+(46.)7 )*]%%+@oo€€€D/(5&#7&/*(D($'D,$o+($%#7o&*#')/o/%($&)/o8(51*)4%(/o5$&/)

 T)5(4*&5#D+8: F #5)//#8( )* cco>co=>c>Dr!_PMMO9 iD F Q2&6 R & )#&6 +&>& /# 0'<#-+0%#'+* 4P360.* '* ()&-06S 

_$#/67&#@ O4/%&%1%( 8) N)/01&/# )5(4H*&5# #+7&5#8# F ONPE9 VOWES9 h(%# MB54&5#9 =>c>

r!hEu|Pi9 ZD F S$&/) )5(4H*&5#@ Z#8&('$#:&# ) /(712g)/ +#$# ( _$#/&7DO4@ I*.0&60-%* # "03#)/&/#9 =>>\9 #4( O9 4~ > Q)8&23( )A+)$&*)4%#7RDV&/+(46.)7 )*]%%+@oo€€€D/(5&#7&/*(D($'D,$o+($%#7o&*#')/o#$01&.(o5$&/)$)&4#78(D+8: F #5)//#8( )* cco>co=>c>D

OhwXVPi9 ED F  J*)F& /* %#).&/* 0'+#)'* %0+0@& *- #8#0+*- /& .)0-#D O4@H0-?* /* ;#-#'<*6<0%#'+*E 4~ acD Z&( 8) [#4)&$(@ _hVPi9 =>>\D

ONPE9 O4/%&%1%( 8) N)/01&/# P5(4H*&5# E+7&5#8# F S$&/) &4%)$4#5&(4#7@ ,#7#42( ) +(//6.)&/ 8)/8(,$#*)4%(/D O4@ O*%2'0.&/* /&

 B)#-0/T'.0&9 4~ bKD _$#/67&#@ ONPE9 4(.o=>>\D

 TTTTT F V&#'4</%&5( 8# +(76%&5# )5(4H*&5# 4( _$#/&7 ) #7%)$4#%&.#/ 8))4:$)4%#*)4%( 8# 5$&/) # 51$%( ) *B8&( +$#I(/D O4@  ()&-06 #%

/#-#'<*6<0%#'+*U M-+&/*E 46&'#V&%#'+* # 4*6C+0.&- 4P360.&-9 .(71*)cD _$#/67&#@ ONPE9 =>>\#DD

 TTTTT F V&#'4</%&5( 8( 5)4;$&( &4%)$4#5&(4#7 ) 8)/8(,$#*)4%(/ 8# 5$&/)#%1#7 # 51$%( ) *B8&( +$#I(/D O4@ ()&-06 #% /#-#'<*6<0%#'+*U M-+&/*E

 46&'#V&%#'+* # 4*6C+0.&- 4P360.&-9 .(71*) cD _$#/67&#@ ONPE9 =>>\,D

Page 34: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 34/35

!"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF   ;7 

OPVO9 O4/%&%1%( 8) )/%18(/ +#$# ( 8)/)4.(7.&*)4%( &481/%$&#7 F E 5$&/)&4%)$4#5&(4#7 ) # )5(4(*&# ,$#/&7)&$#@ ( ):)&%(G5(4%;'&( /(,$) (*)$5#8( 8) 5$B8&%( )* =>>?D O4@ O&)+& WM;W 9 4~ bKq9 =>>\V&/+(46.)7 )*]%%+@oo€€€D&)8&D($'D,$o5'&o5'&71#D)A)o/t/o/%#$%D]%*‚:$(*`KY&4:(`KY&48)AƒLc„/&8ƒ=>„&4:(&8ƒLcLq F #5)//#8( )* cco>co=>c>D

W#4%)'#9 rD F _ZEiOu /)$; ( +$&*)&$( +#6/ # /#&$ 8# 5$&/)9 8&I W#4%)'#D O4@H&6*) G'60'#D V&/+(46.)7 )*]%%+@oo€€€D.#7($(47&4)D5(*D,$o‚(47&4)o,$#/&7oKoKLL=KKbo,$#/&7G/)$#G(G+$&*)&$(G#G/#&$G8#G5$&/)9G8&IG*#4%)'#„/5$(77…ƒ>„/5$(77†ƒ>„%#*Y(4%)ƒ F #5)//#8( )*>qo>co=>c>D

WPS!h F W&4&/%)$&( 8) )5(4(*6# t :&4#4I#/ +f,7&5#/ F  W'8*)%&.0X' M.*'X%0.&E M.*'*%C& W'+#)'&.0*'&6 D V&/+(46.)7 )*]%%+@oo€€€D*)5(4D'(.D#$o+)5(4(*&5#o,#/)](*)o&4:()5(D]%*79#5)//#8( )* >ao>coc>D

WOhOiMnZO! 8( V)/)4.(7.&*)4%(9 O48f/%$&# ) S(*B$5&( PA%)$&($ F (&6&'F& O*%#).0&6 ()&-06#0)&U ;&/*- O*'-*60/&/*-D _$#/67&#9WVOS9 =>>\D

iPZZEh!9 YD F E )5(4(*&# #*)$&5#4#9 ( +#8$3( 8<7#$ :7)A6.)7 ) #)A+#4/3( *148&#7 4(/ #4(/ =>>>9 O4@ YO!ZO9 [D uDC WPVPOZ!i9 SC„ iPZZEh!9 YD F G %0+* /* .*6&4-* /* 4*/#) &%#)0.&'*9 Z&( 8)

[#4)&$(@ Z)5($89 =>>?DXhOMPV hEMO!hi F X4&%)8 h#%&(4/ S(4:)$)45) (4 M$#8) #48V).)7(+*)4% QX45%#8R F Y*)6/ M.*'*%0. I0+2&+0*' &'/ B)*-4#.+-

Z[\[D h)€ †($s9 =>>\D

617#'5

c  M#A# 8) 5d*,&( 5(*)$5&#7 +#$# 5(*+$#9 *B8&# 8( *^/9 /)'148( ( O+)#8#%#D=  i)'148( ( -($4#7 j|#7($ P5(4H*&5(9 )8&23( 8) >Lo>bo>\@ j! _$#/&7 ‡/)$; ( +$&*)&$( +#6/

# /#&$ 8# 5$&/)‡9 #+</ %)$ /&8( 1* 8(/ f7%&*(/ # 8)/#5)7)$#$ ( $&%*( 8) 5$)/5&*)4%(9#:&$*(1 ](-) ( *&4&/%$( 8# Y#I)48#9 r1&8( W#4%)'#Dk ! W&4&/%$( 8( N7#4)-#*)4%(9 N#17(

_)$4#$8(9 :)I #:&$*#23( /)*)7]#4%)9 +1,7&5#8# 4( /&%) 8( +$<+$&( W&4&/%B$&(@ j_$#/&7 /)$;( +$&*)&$( +#6/ # /#&$ 8# 5$&/)9 8&I _)$4#$8(Dk

b   M%#)@0'@ ]&) #̂+- (*'/ W'/#>9 *)8&8( +)7( 7A BA ]*)@&'9 B 5(*+(/%( +($ %6%17(/ 8#y:$&5# 8( i179 E$')4%&4#9 _$#/&79 _17';$&#9 S(7H*,&#9 P'&%( P01#8($9 Y&7&+&4#/9 W#7;/&#9W#$$(5(/9 WBA&5(9 h&'B$&#9 N#4#*;9 N)$19 N(7H4&#9 Zf//&#9 |)4)I1)7#9 M1$01&# )X5$d4&#D

L  |)$ O+)# Q=>>\#R9 r)4%&7 Q=>>\R9 r(42#7.)/ Q=>>\R ) _$14( Q=>>?RDK  x1) :($#* 5(4%$#G#$$)/%#8(/ +)7# 01)8# 8(/ +$)2(/ 8#/ 5(**(8&%&)/D

Page 35: Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

8/16/2019 Uma Análise Da Resposta Da Política Econômica Brasileira à Crise Financeira Internacional - ARAUJO; GENTIL

http://slidepdf.com/reader/full/uma-analise-da-resposta-da-politica-economica-brasileira-a-crise-financeira 35/35

(%    !"#$%&' %)*+ ,-./+ "*)0)12. 3)4562*.7 %8) 3.94)7 0: ;<7 =+ >?@AB7 CDED-D2-) ;BFF

q  Y$)&%#/ Q=>>\R 8)%#7]# ( #$/)4#7 8) *)8&8#/ 1%&7&I#8#/ +)7( _S_ 5(* ( &4%1&%( 8)j8)/)*+(2#$k # 7&01&8)I ) '#$#4%&$ # /(7&8)I 8( /&/%)*# ,#45;$&( +</G5$&/)D

a  O+)# Q=>>\#R $)/1*) 43( /< #/ *)8&8#/ #4145&#8#/ +)7( '(.)$4( ,$#/&7)&$(9 5(*( %#*,B*/&4%)%&I# #/ *)8&8#/ &*+7)*)4%#8#/ )* 8&.)$/(/ (1%$(/ +#6/)/9 8)/)4.(7.&8(/ (1 )*8)/)4.(7.&*)4%(D

?  V(&/ 8&#/ #4%)/ 8# 01),$# 8( ,#45( u)]*#4 _$(%])$p/ˆ\  i)'148( # 5(4/17%($&# XNM$)489 8) 1* %(%#7 8) L> +#6/)/ 8)/)4.(7.&8(/ ) )*

8)/)4.(7.&*)4%(9 # %#A# 8) -1$(/ $)#7 ,$#/&7)&$# )$# 8) L` #D#D9 5(4%$# b9q` 8# O48(4B/&#9b9b` 8# S]&4#9 =9L` 8# E1/%$;7&# ) =` 8( [#+3(D Q_S &48&5# 01) -1$( +(8) .(7%#$ # /1,&$)* *#$2(9 ! r7(,(9 =?o>coc>@ =LRD

c>  ! #1*)4%( 4(*&4#7 8( /#7;$&( *64&*( )* =>>\ :(& 8) c=`9 +#//#48( +#$# ZeKc>9>>D E&4:7#23( 8( #4( 8) =>>?9 *)8&8# +)7( ONSE9 ]#.&# /&8( 8) K9\`D

cc  N#$# 1*# #.#7&#23( 8(/ +$(,7)*#/ *)%(8(7<'&5(/ )A&/%)4%)/ 4# 5(4/%$123( 8#/ )/%#%6/%&5#/8) &4.)/%&*)4%( +)7# 5(4%#,&7&8#8) +f,7&5#9 .)$ r!_PMMO9 =>c>D

c=  i)$$#4( Q=>>?R *(/%$# 01) ( /#78( 5(*)$5&#7 +($ /& /< 43( B /1:&5&)4%) +#$# #:&$*#$ /) #5(4%$&,1&23( 8( /)%($ )A%)$4( +#$# ( 5$)/5&*)4%( 8( NO_ :(& +(/&%&.# (1 4)'#%&.#D n +(//6.)7 01) 1* +#6/ $)'&/%$) 8B:&5&% 5(*)$5&#7 ) *)/*( #//&* # 5(4%$&,1&23( 8( /)%($)A%)$4( +#$# ( 5$)/5&*)4%( 8( NO_ /)-# +(/&%&.#9 ,#/%#48(9 +#$# &/%(9 01) # %#A# 8)5$)/5&*)4%( 8#/ )A+($%#2g)/ /)-# *#&($ 8( 01) # %#A# 8) 5$)/5&*)4%( 8# +#$%&5&+#23( 8#/&*+($%#2g)/ 4( NO_D

cb  Y(4%)@ OWY Q=>>? ) =>>\R9 )7#,($#23( +$<+$&#DcL  V( ($&'&4#7@ _3*'/-E #120+0#- &'/ 6*&'-`A