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<ul id="toc-Historical_context-sublist" class="vector-toc-list"> <li id="toc-1960s" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1960s"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>1960s</span> </div> </a> <ul id="toc-1960s-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-1987" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1987"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>1987</span> </div> </a> <ul id="toc-1987-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-1989" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#1989"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>1989</span> </div> </a> <ul id="toc-1989-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Inflation_rate" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Inflation_rate"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Inflation rate</span> </div> </a> <ul id="toc-Inflation_rate-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Causes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Causes"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Causes</span> </div> </a> <button aria-controls="toc-Causes-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Causes subsection</span> </button> <ul id="toc-Causes-sublist" class="vector-toc-list"> <li id="toc-Background" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Background"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Background</span> </div> </a> <ul id="toc-Background-sublist" class="vector-toc-list"> <li id="toc-Inflation_theory" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Inflation_theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.1</span> <span>Inflation theory</span> </div> </a> <ul id="toc-Inflation_theory-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Largely_endogenous_economy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Largely_endogenous_economy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Largely endogenous economy</span> </div> </a> <ul id="toc-Largely_endogenous_economy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-High_external_public_debt" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#High_external_public_debt"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>High external public debt</span> </div> </a> <ul id="toc-High_external_public_debt-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Acceptance_of_high_inflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Acceptance_of_high_inflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Acceptance of high inflation</span> </div> </a> <ul id="toc-Acceptance_of_high_inflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Currency_substitute" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Currency_substitute"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Currency substitute</span> </div> </a> <ul id="toc-Currency_substitute-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Methods_of_control" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Methods_of_control"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Methods of control</span> </div> </a> <button aria-controls="toc-Methods_of_control-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Methods of control subsection</span> </button> <ul id="toc-Methods_of_control-sublist" class="vector-toc-list"> <li id="toc-Failed_preventive_measures" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Failed_preventive_measures"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Failed preventive measures</span> </div> </a> <ul id="toc-Failed_preventive_measures-sublist" class="vector-toc-list"> <li id="toc-Cruzado_Plan_(1986)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Cruzado_Plan_(1986)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.1</span> <span>Cruzado Plan (1986)</span> </div> </a> <ul id="toc-Cruzado_Plan_(1986)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bresser_Plan_(1987)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Bresser_Plan_(1987)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2</span> <span>Bresser Plan (1987)</span> </div> </a> <ul id="toc-Bresser_Plan_(1987)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Summer_Plan_(1989)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Summer_Plan_(1989)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.3</span> <span>Summer Plan (1989)</span> </div> </a> <ul id="toc-Summer_Plan_(1989)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Response_to_hyperinflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Response_to_hyperinflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Response to hyperinflation</span> </div> </a> <ul id="toc-Response_to_hyperinflation-sublist" class="vector-toc-list"> <li id="toc-Collor_Plan_(1990)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Collor_Plan_(1990)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2.1</span> <span>Collor Plan (1990)</span> </div> </a> <ul id="toc-Collor_Plan_(1990)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Avoiding_re-emergence_of_hyperinflation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Avoiding_re-emergence_of_hyperinflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Avoiding re-emergence of hyperinflation</span> </div> </a> <ul id="toc-Avoiding_re-emergence_of_hyperinflation-sublist" class="vector-toc-list"> <li id="toc-Plano_Real_(1994)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Plano_Real_(1994)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3.1</span> <span>Plano Real (1994)</span> </div> </a> <ul id="toc-Plano_Real_(1994)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" 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.mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox vevent"><caption class="infobox-title summary">Hyperinflation in Brazil</caption><tbody><tr><td colspan="2" class="infobox-subheader">Part of the <a href="/wiki/Economy_of_Brazil" title="Economy of Brazil">Economy of Brazil</a></td></tr><tr><td colspan="2" class="infobox-image" style="border-bottom:#aaa solid 1px"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:A_brazil_re%C3%A1l_els%C5%91,_1994-es_c%C3%ADmletsora_a_2000-ben_kibocs%C3%A1jtott_polimer_eml%C3%A9k_10_re%C3%A1lossal.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/A_brazil_re%C3%A1l_els%C5%91%2C_1994-es_c%C3%ADmletsora_a_2000-ben_kibocs%C3%A1jtott_polimer_eml%C3%A9k_10_re%C3%A1lossal.jpg/220px-A_brazil_re%C3%A1l_els%C5%91%2C_1994-es_c%C3%ADmletsora_a_2000-ben_kibocs%C3%A1jtott_polimer_eml%C3%A9k_10_re%C3%A1lossal.jpg" decoding="async" width="220" height="409" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9f/A_brazil_re%C3%A1l_els%C5%91%2C_1994-es_c%C3%ADmletsora_a_2000-ben_kibocs%C3%A1jtott_polimer_eml%C3%A9k_10_re%C3%A1lossal.jpg/330px-A_brazil_re%C3%A1l_els%C5%91%2C_1994-es_c%C3%ADmletsora_a_2000-ben_kibocs%C3%A1jtott_polimer_eml%C3%A9k_10_re%C3%A1lossal.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9f/A_brazil_re%C3%A1l_els%C5%91%2C_1994-es_c%C3%ADmletsora_a_2000-ben_kibocs%C3%A1jtott_polimer_eml%C3%A9k_10_re%C3%A1lossal.jpg/440px-A_brazil_re%C3%A1l_els%C5%91%2C_1994-es_c%C3%ADmletsora_a_2000-ben_kibocs%C3%A1jtott_polimer_eml%C3%A9k_10_re%C3%A1lossal.jpg 2x" data-file-width="551" data-file-height="1024" /></a></span><div class="infobox-caption">The new Brazilian currency, <a href="/wiki/Brazilian_real" title="Brazilian real">the real</a>, was introduced in 1994 as part of the <a href="/wiki/Plano_Real" title="Plano Real">Plano Real</a> to manage hyperinflation.</div></td></tr><tr><th scope="row" class="infobox-label">Date</th><td class="infobox-data" style="text-align: left;">1986–1 July 1994</td></tr><tr><th scope="row" class="infobox-label">Location</th><td class="infobox-data location" style="text-align: left;"><span class="flagicon"><span class="mw-image-border" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/22px-Flag_of_Brazil.svg.png" decoding="async" width="22" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/33px-Flag_of_Brazil.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/43px-Flag_of_Brazil.svg.png 2x" data-file-width="1000" data-file-height="700" /></span></span> </span><a href="/wiki/Brazil" title="Brazil">Brazil</a></td></tr><tr><th scope="row" class="infobox-label">Cause</th><td class="infobox-data" style="text-align: left;">Largely endogenous economy, high external public debt, acceptance of high inflation, currency substitute</td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For broader coverage of this topic, see <a href="/wiki/Economy_of_Brazil" title="Economy of Brazil">Economy of Brazil</a>.</div> <p><b>Hyperinflation in Brazil</b> occurred between the first three months of 1990. The monthly inflation rates between January and March 1990 were 71.9%, 71.7% and 81.3% respectively.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> As accepted by the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (IMF), <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a> is defined as a period of time in which the average price level of goods and services rise by more than 50% a month.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Brazil experienced over a decade of very high inflation – often double-digit monthly inflation – preceding the hyperinflationary period. The nation sustained hyperinflation for less than half a year. This economic event was the culmination of a number of structural aspects of the Brazilian economy including, but not exclusive to, limited foreign trade and high external public debt as well as unsuccessful preventive measures. </p><p>The Brazilian government responded to hyperinflation by using multiple periods of price freezes to artificially stop inflation. This was effective in managing hyperinflation for a few months. In July 1990, price controls were lifted and hyperinflation returned.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The period of hyperinflation was resolved after the implementation of the <a href="/wiki/Plano_Real" title="Plano Real">Plano Real</a> (1994). The Brazilian economy had limited financial resources to support an expensive expansionary fiscal policy.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The Plano Real involved anchoring the economy to a separate unit of account, the Unidade Real de Valor (URV), instead of the currency, the cruzeiro. The function of payment was then transferred to the URV which became the real. The separation and reintegration of the function of money was successful in limiting inflation in the short- and long-term.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Historical_context">Historical context</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=1" title="Edit section: Historical context"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economic_history_of_Brazil" title="Economic history of Brazil">Economic history of Brazil</a></div> <div class="mw-heading mw-heading3"><h3 id="1960s">1960s</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=2" title="Edit section: 1960s"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the 1960s, Brazil had adopted a method of <a href="/wiki/Indexation" title="Indexation">indexation</a> which involved the setting of monthly or weekly domestic prices for certain investments to slightly hedge inflation.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> This offered real term financial remuneration that was both secure and liquefiable. This method also demanded economic foresight and the cooperation of both private and public institutions. It relied on the wide acceptance and trust of all economic agents to ensure that these indices were adopted. The breakdown of indexation stemmed from public uncertainty and a mistrust of government.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="1987">1987</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=3" title="Edit section: 1987"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Brazil_Inflation_1981-1995.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Brazil_Inflation_1981-1995.webp/350px-Brazil_Inflation_1981-1995.webp.png" decoding="async" width="350" height="108" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Brazil_Inflation_1981-1995.webp/525px-Brazil_Inflation_1981-1995.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/Brazil_Inflation_1981-1995.webp/700px-Brazil_Inflation_1981-1995.webp.png 2x" data-file-width="1676" data-file-height="518" /></a><figcaption>Brazil Inflation 1981-1995</figcaption></figure> <p>Despite the rising inflation rates, Brazil’s private sector saw a strengthening in their balance sheets as the market for private, traded financial assets grew with the introduction of Treasury bills. This was accompanied by an increase in the complexity of financial instruments and technology and advancing expertise in the financial sector.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="1989">1989</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=4" title="Edit section: 1989"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The hyperinflationary period starting in January 1990 directly followed the 1989 Brazilian election, the first direct presidential election held since 1960. The lasting effects of the military dictatorship could be seen in the new democratic government’s will, yet inability, to effectively halt high inflation.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Only after the hyperinflationary period were aggressive emergency measures taken.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Inflation_rate">Inflation rate</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=5" title="Edit section: Inflation rate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:Brazil_Monthly_Inflation_Rate_1986-1990.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a5/Brazil_Monthly_Inflation_Rate_1986-1990.png/550px-Brazil_Monthly_Inflation_Rate_1986-1990.png" decoding="async" width="550" height="321" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a5/Brazil_Monthly_Inflation_Rate_1986-1990.png/825px-Brazil_Monthly_Inflation_Rate_1986-1990.png 1.5x, //upload.wikimedia.org/wikipedia/commons/a/a5/Brazil_Monthly_Inflation_Rate_1986-1990.png 2x" data-file-width="1090" data-file-height="636" /></a><figcaption>Brazil Monthly Inflation Rate 1986-1990.</figcaption></figure><p><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Brazil observed consistently high inflation in the three years leading up to January 1990. Sustaining double-digit monthly inflation from January 1987 to April 1990, the short periods of single-digit monthly inflation can be attributed to the implementation of different inflation-management plans.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Inflation during July 1987 to September 1987 of 9.3%, 4.5% and 8.0% respectively was the result of the implementation of the Bresser Plan in June 1987.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> The inflation rates of 4.2% and 5.2% in March and April 1989 were a result of the Summer Plan implemented in January 1989.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Causes">Causes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=6" title="Edit section: Causes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Background">Background</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=7" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Hyperinflation forces the institution of money to become excessively fluid and unstable. Money is a contributing factor for the hyperinflation experienced by Brazil as well as the nation’s ability to recover through the separation and eventual reintegration of its two functions.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Inflation_theory">Inflation theory</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=8" title="Edit section: Inflation theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the 1980s, a new inflation theory became popularised in Brazil.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> This was the idea of <a href="/wiki/Inertial_inflation" title="Inertial inflation">inertial inflation</a> which aimed to explain the differing reasons behind the acceleration and maintenance of inflation. Inertial inflation is founded on the idea of distributive conflict which states that an economic agent will use the price mechanism to retain or improve their market share. </p><p>The new theory suggests that inflation should begin at a chosen base time period. Analysts seek to explain what led to the given level of inflation and the proceeding changes, accounting for both acceleration and maintenance.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> Distributive conflict points to the maintenance of inflation as due to a lack of coordination between different economic agents. </p> <div class="mw-heading mw-heading3"><h3 id="Largely_endogenous_economy">Largely endogenous economy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=9" title="Edit section: Largely endogenous economy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Brazil’s lack of trade exposes the economy to heightened vulnerability to internal price shocks.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> A strong reliance on domestic supply means that prices are more volatile and likely to be inflated, such as increased <a href="/wiki/Food_prices" title="Food prices">food prices</a> caused by weather-related shocks.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> The more open trade of durable goods has meant a lower level of inflation in this industry compared to average inflation of consumer goods.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="High_external_public_debt">High external public debt</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=10" title="Edit section: High external public debt"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The economist Pereira states that the asymmetrical balance sheet of the public sector may have been a causal factor for Brazil’s hyperinflation as high external public debt can be indirectly linked to inflationary pressures.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> The government imposed higher taxation to service this large external debt (principal and interest) which was then offset by higher prices set by producers which facilitated inflation. The large fiscal burden to service foreign debt could not be covered by tax receipts.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The process of deterioration in the fiscal accounts represented a major structural issue in the economy which the Brazilian government sought to resolve multiple times through different measures.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Acceptance_of_high_inflation">Acceptance of high inflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=11" title="Edit section: Acceptance of high inflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Brazilian economy historically accepted high inflation rates.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> This high inflation was exacerbated by an unstable balance sheet which spiralled into hyperinflation.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Currency_substitute">Currency substitute</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=12" title="Edit section: Currency substitute"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Brazil used a reliable domestic currency substitute which functioned as liquidity in the economy. The expansive growth of this alternative imitated the effects of an oversupply of money.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> An excess money supply leads to high inflation and in more extreme cases, hyperinflation.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Methods_of_control">Methods of control</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=13" title="Edit section: Methods of control"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Failed_preventive_measures">Failed preventive measures</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=14" title="Edit section: Failed preventive measures"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Brazil adopted multiple stabilisation policies, many based on income policies, to manage high inflation and prevent hyperinflation.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> The cycling between stabilisation and destabilisation set the foundation for hyperinflation as each new cycle saw a shorter period of low inflation followed by a higher inflation peak.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Cruzado_Plan_(1986)"><span id="Cruzado_Plan_.281986.29"></span>Cruzado Plan (1986)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=15" title="Edit section: Cruzado Plan (1986)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Cruzado_Plan" title="Cruzado Plan">Cruzado Plan</a></div> <p>Introduced on 28 February 1986, the objective of the <a href="/wiki/Cruzado_Plan" title="Cruzado Plan">Cruzado Plan</a> was to achieve a rate of zero inflation. The plan functioned under the rationale that inflation was inertial and caused by structural issues such as wage indexation and systemic marked-up pricing. Wages were effectively frozen for a year as the government re-introduced a system of indexation. Wages were later adjusted by the granting of bonuses.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> The plan dismantled many formal indexing mechanisms of financial assets in the Brazilian economy and was supported by monetary reform.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Economist Pereira suggests that the old currency (the cruzeiro) was replaced by a new currency (the cruzado) to inspire confidence in the domestic economy and reduce inflationary pressures resulting from a weak currency.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>The Cruzado Plan was successful until late 1986.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> The plan resulted in a deep economic crisis as increased wages yet frozen prices stimulated a wage-price spiral of demand-induced inflation. The government budgetary deficit worsened as state-run enterprises had not corrected their prices to reflect future demand prior to the freeze.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Real return to government debt was distorted and caused Brazil to experience <a href="/wiki/Capital_flight" title="Capital flight">capital flight</a> for the first time in their stabilisation policies.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Internal debt interest rates increased due to a fear of repudiation and contributed to the spiral into hyperinflation.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Bresser_Plan_(1987)"><span id="Bresser_Plan_.281987.29"></span>Bresser Plan (1987)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=16" title="Edit section: Bresser Plan (1987)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Bresser Plan, implemented on 12 June 1987, aimed to improve the healthy functioning of the economy by reducing inflation to a manageable level rather than to eliminate inflation. The 3-month plan was a policy response to a financial emergency and aimed to overcome an acute crisis by completing the indexation system that the Cruzado Plan had legally interdicted.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> The Bresser Plan was a heterodox shock involving price freezes, however this time consumers and producers were aware of future price freezes.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p><p>The plan began to collapse in the latter quarter of 1987 and was predominantly due to the significant raises government staff were given.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Summer_Plan_(1989)"><span id="Summer_Plan_.281989.29"></span>Summer Plan (1989)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=17" title="Edit section: Summer Plan (1989)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 15 January 1989 the four- to eight-week Summer Plan was realized. It focused on limiting inflation and reducing government deficit. The plan aimed to achieve the first objective through more price and wage freezes and the introduction of a new currency (the cruzado novo). The plan proposed the retrenching of 90,000 government employees and closure of some state enterprises to reduce the budget deficit. Amidst strong protestation and resistance, the latter proposition was modified, and the deficit continued.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Response_to_hyperinflation">Response to hyperinflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=18" title="Edit section: Response to hyperinflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Collor_Plan_(1990)"><span id="Collor_Plan_.281990.29"></span>Collor Plan (1990)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=19" title="Edit section: Collor Plan (1990)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Introduced on 16 March 1990, the tripartite <a href="/wiki/Plano_Collor" title="Plano Collor">Collor Plan</a> similarly adopted a price freeze. All prices were frozen at the 12 March 1990 level to be later adjusted by the government according to future inflation expectations. The plan involved a reduction in the stock of money through freezing bank accounts and restricting financial markets. The plan effectively froze 80% of all liquidity.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> A 29% monthly increase in money supply was used to reliquefy the economy and the reintroduction of a new currency (the cruzeiro).<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>The government sought to eliminate the budget deficit and achieve a surplus in the operational and primary balances.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> The government imposed taxes, increased the prices of goods produced by the state, cut the majority of subsidies, dismissed 50,000 federal employees and privatised public sector enterprises.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>This plan succeeded in managing the hyperinflation by reducing monthly inflation from 81.3% in March 1990 to 11.3% in April 1990 (Pereira & Nakano, 1991, p. 44). In July 1990 when price controls were lifted, Brazil saw the re-emergence of high inflation.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Avoiding_re-emergence_of_hyperinflation">Avoiding re-emergence of hyperinflation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=20" title="Edit section: Avoiding re-emergence of hyperinflation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Plano_Real_(1994)"><span id="Plano_Real_.281994.29"></span>Plano Real (1994)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=21" title="Edit section: Plano Real (1994)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Plano_Real" title="Plano Real">Plano Real</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Historical_Brazilian_parliament.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/Historical_Brazilian_parliament.JPG/220px-Historical_Brazilian_parliament.JPG" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/56/Historical_Brazilian_parliament.JPG/330px-Historical_Brazilian_parliament.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/56/Historical_Brazilian_parliament.JPG/440px-Historical_Brazilian_parliament.JPG 2x" data-file-width="1600" data-file-height="1200" /></a><figcaption>Brazilian parliament in the 1960s</figcaption></figure> <p>The <a href="/wiki/Plano_Real" title="Plano Real">Plano Real</a> involved anchoring the economy to a separate, distinct unit of account to reflect relative prices as the currency had lost this function. Economic agents followed a new index, the Unidade Real de Valor (URV), which was established throughout February to June 1994 and adjusted daily. Incentives were given to encourage the transformation of old contracts to be rewritten in new URV terms. The Plano Real was the subject of open discussion in Parliament weeks before its implementation. This allowed both the consideration of different perspectives as well as informing all economic agents about the plan before it was executed.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> Account and payment function were completely separated, with the cruzeiro used as a unit of payment and the URV a unit of account. On July 1, 1994, the function of payment was transferred to the URV which became the <a href="/wiki/Brazilian_real" title="Brazilian real">real</a>, replacing the cruzeiro. This plan was successful and Brazil has been able to sustain single-digit inflation.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>The Plano Real was successful in limiting inflation seen in the significant reduction in monthly inflation in 1994 from 48% in June to 7.8% in July to 1.9% in August.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> The long-term success of this plan hinged on its ability to mitigate external economic shocks without spiralling into high inflation again.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> This was tested in January 1999 when a foreign exchange crisis caused a 35% devaluation of the currency. The annual inflation rate remained low at 8%.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=22" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/List_of_economic_crises_in_Brazil" title="List of economic crises in Brazil">List of economic crises in Brazil</a></li> <li><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Hyperinflation in Venezuela</a></li> <li><a href="/wiki/La_D%C3%A9cada_Perdida" class="mw-redirect" title="La Década Perdida">La Década Perdida</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=23" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFAllen2009" class="citation book cs1">Allen, Larry (2009). <i>The Encyclopedia of Money</i> (2nd ed.). <a href="/wiki/Santa_Barbara,_California" title="Santa Barbara, California">Santa Barbara, CA</a>: <a href="/wiki/ABC-CLIO" class="mw-redirect" title="ABC-CLIO">ABC-CLIO</a>. pp. 210–212. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1598842517" title="Special:BookSources/978-1598842517"><bdi>978-1598842517</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Encyclopedia+of+Money&rft.place=Santa+Barbara%2C+CA&rft.pages=210-212&rft.edition=2nd&rft.pub=ABC-CLIO&rft.date=2009&rft.isbn=978-1598842517&rft.aulast=Allen&rft.aufirst=Larry&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=24" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDavidsonPereiraNakano1991" class="citation book cs1">Davidson, P.; Pereira, L. C. B.; Nakano, Y. (1991). "Hyperinflation and stabilization in Brazil: the first Collor plan". <i>Economic Problems of the 1990s</i>. Cheltenham, United Kingdom: Edward Elgar Publishing. pp. 41–68.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Hyperinflation+and+stabilization+in+Brazil%3A+the+first+Collor+plan&rft.btitle=Economic+Problems+of+the+1990s&rft.place=Cheltenham%2C+United+Kingdom&rft.pages=41-68&rft.pub=Edward+Elgar+Publishing&rft.date=1991&rft.aulast=Davidson&rft.aufirst=P.&rft.au=Pereira%2C+L.+C.+B.&rft.au=Nakano%2C+Y.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedmanCagan1956" class="citation book cs1">Friedman, M.; Cagan, P. (1956). "The Monetary Dynamics of Hyperinflation". <i>Studies in the Quantity Theory of Money</i>. Chicago, United States: University of Chicago Press. pp. 25–117.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+Monetary+Dynamics+of+Hyperinflation&rft.btitle=Studies+in+the+Quantity+Theory+of+Money&rft.place=Chicago%2C+United+States&rft.pages=25-117&rft.pub=University+of+Chicago+Press&rft.date=1956&rft.aulast=Friedman&rft.aufirst=M.&rft.au=Cagan%2C+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNazmi1995" class="citation journal cs1">Nazmi, N. (1995). "Inflation and Stabilization: Recent Brazilian Experience in Perspective". <i>The Journal of Developing Areas</i>. <b>29</b> (4): 491–506. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/4192494">4192494</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Developing+Areas&rft.atitle=Inflation+and+Stabilization%3A+Recent+Brazilian+Experience+in+Perspective&rft.volume=29&rft.issue=4&rft.pages=491-506&rft.date=1995&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F4192494%23id-name%3DJSTOR&rft.aulast=Nazmi&rft.aufirst=N.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrousseauGlachantSgard2014" class="citation book cs1">Brousseau, E.; Glachant, J.; Sgard, J. (2014). "Money reconstructed: Argentina and Brazil after hyperinflation". <i>The Manufacturing of Markets: Legal, Political and Economic Dynamics</i>. Cambridge, United Kingdom: Cambridge University Press. pp. 315–332.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Money+reconstructed%3A+Argentina+and+Brazil+after+hyperinflation&rft.btitle=The+Manufacturing+of+Markets%3A+Legal%2C+Political+and+Economic+Dynamics&rft.place=Cambridge%2C+United+Kingdom&rft.pages=315-332&rft.pub=Cambridge+University+Press&rft.date=2014&rft.aulast=Brousseau&rft.aufirst=E.&rft.au=Glachant%2C+J.&rft.au=Sgard%2C+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrousseauGlachantSgard2014" class="citation book cs1">Brousseau, E.; Glachant, J.; Sgard, J. (2014). "Money reconstructed: Argentina and Brazil after hyperinflation". <i>The Manufacturing of Markets: Legal, Political and Economic Dynamics</i>. Cambridge, United Kingdom: Cambridge University Press. pp. 315–332.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Money+reconstructed%3A+Argentina+and+Brazil+after+hyperinflation&rft.btitle=The+Manufacturing+of+Markets%3A+Legal%2C+Political+and+Economic+Dynamics&rft.place=Cambridge%2C+United+Kingdom&rft.pages=315-332&rft.pub=Cambridge+University+Press&rft.date=2014&rft.aulast=Brousseau&rft.aufirst=E.&rft.au=Glachant%2C+J.&rft.au=Sgard%2C+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrousseauGlachantSgard2014" class="citation book cs1">Brousseau, E.; Glachant, J.; Sgard, J. (2014). "Money reconstructed: Argentina and Brazil after hyperinflation". <i>The Manufacturing of Markets: Legal, Political and Economic Dynamics</i>. 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H. (1991). Hyperinflation, and internal debt repudiation in Argentina and Brazil: from expectations management to the" Bonex" and" Collor" plans (Report). Federal Reserve Bank of Dallas. pp. 1–30. 9107.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=Hyperinflation%2C+and+internal+debt+repudiation+in+Argentina+and+Brazil%3A+from+expectations+management+to+the%22+Bonex%22+and%22+Collor%22+plans&rft.pages=1-30&rft.pub=Federal+Reserve+Bank+of+Dallas&rft.date=1991&rft.aulast=Welch&rft.aufirst=J.+H.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNazmi1995" class="citation journal cs1">Nazmi, N. (1995). "Inflation and Stabilization: Recent Brazilian Experience in Perspective". <i>The Journal of Developing Areas</i>. <b>29</b> (4): 491–506. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/4192494">4192494</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Developing+Areas&rft.atitle=Inflation+and+Stabilization%3A+Recent+Brazilian+Experience+in+Perspective&rft.volume=29&rft.issue=4&rft.pages=491-506&rft.date=1995&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F4192494%23id-name%3DJSTOR&rft.aulast=Nazmi&rft.aufirst=N.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrousseauGlachantSgard2014" class="citation book cs1">Brousseau, E.; Glachant, J.; Sgard, J. 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"The Brazilian economy, 1980-1994". <i>The Cambridge history of Latin America</i> (9 ed.). Cambridge, England: Cambridge University Press. pp. 395–430.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+Brazilian+economy%2C+1980-1994&rft.btitle=The+Cambridge+history+of+Latin+America&rft.place=Cambridge%2C+England&rft.pages=395-430&rft.edition=9&rft.pub=Cambridge+University+Press&rft.date=2008&rft.aulast=Bethell&rft.aufirst=L&rft.au=Abreu%2C+M.+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDuttRosBacha2003" class="citation book cs1">Dutt, A. K.; Ros, J.; Bacha, E. L. (2003). 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"Money reconstructed: Argentina and Brazil after hyperinflation". <i>The Manufacturing of Markets: Legal, Political and Economic Dynamics</i>. Cambridge, United Kingdom: Cambridge University Press. pp. 315–332.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Money+reconstructed%3A+Argentina+and+Brazil+after+hyperinflation&rft.btitle=The+Manufacturing+of+Markets%3A+Legal%2C+Political+and+Economic+Dynamics&rft.place=Cambridge%2C+United+Kingdom&rft.pages=315-332&rft.pub=Cambridge+University+Press&rft.date=2014&rft.aulast=Brousseau&rft.aufirst=E.&rft.au=Glachant%2C+J.&rft.au=Sgard%2C+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrousseauGlachantSgard2014" class="citation book cs1">Brousseau, E.; Glachant, J.; Sgard, J. (2014). "Money reconstructed: Argentina and Brazil after hyperinflation". <i>The Manufacturing of Markets: Legal, Political and Economic Dynamics</i>. Cambridge, United Kingdom: Cambridge University Press. pp. 315–332.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Money+reconstructed%3A+Argentina+and+Brazil+after+hyperinflation&rft.btitle=The+Manufacturing+of+Markets%3A+Legal%2C+Political+and+Economic+Dynamics&rft.place=Cambridge%2C+United+Kingdom&rft.pages=315-332&rft.pub=Cambridge+University+Press&rft.date=2014&rft.aulast=Brousseau&rft.aufirst=E.&rft.au=Glachant%2C+J.&rft.au=Sgard%2C+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrousseauGlachantSgard2014" class="citation book cs1">Brousseau, E.; Glachant, J.; Sgard, J. (2014). "Money reconstructed: Argentina and Brazil after hyperinflation". <i>The Manufacturing of Markets: Legal, Political and Economic Dynamics</i>. Cambridge, United Kingdom: Cambridge University Press. pp. 315–332.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Money+reconstructed%3A+Argentina+and+Brazil+after+hyperinflation&rft.btitle=The+Manufacturing+of+Markets%3A+Legal%2C+Political+and+Economic+Dynamics&rft.place=Cambridge%2C+United+Kingdom&rft.pages=315-332&rft.pub=Cambridge+University+Press&rft.date=2014&rft.aulast=Brousseau&rft.aufirst=E.&rft.au=Glachant%2C+J.&rft.au=Sgard%2C+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AHyperinflation+in+Brazil" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Hyperinflation_in_Brazil&action=edit&section=25" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a 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id="30px&#124;Flag_of_Brazil_Historical_currencies_of_Brazil" style="font-size:114%;margin:0 4em"><span typeof="mw:File"><a href="/wiki/File:Flag_of_Brazil.svg" class="mw-file-description" title="Flag of Brazil"><img alt="Flag of Brazil" src="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/30px-Flag_of_Brazil.svg.png" decoding="async" width="30" height="21" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/45px-Flag_of_Brazil.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/60px-Flag_of_Brazil.svg.png 2x" data-file-width="1000" data-file-height="700" /></a></span> Historical <a href="/wiki/Currency" title="Currency">currencies</a> of <a href="/wiki/Brazil" title="Brazil">Brazil</a></div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><table style="background:none; text-align:center;" cellpadding="4" align="center"> <tbody><tr> <td><a href="/wiki/Brazilian_real_(old)" title="Brazilian real (old)">Real</a><br />Rs$ <br />1747–1942 </td> <td style="border-left:1px #aaa solid;"><a href="/wiki/Brazilian_cruzeiro_(1942%E2%80%931967)" title="Brazilian cruzeiro (1942–1967)">Cruzeiro</a><br />Cr$ <br />1942–1967 </td><td style="border-left:1px #aaa solid;"><a href="/wiki/Brazilian_cruzeiro_(1967%E2%80%931986)" title="Brazilian cruzeiro (1967–1986)">Cruzeiro novo</a><br />NCr$ <br />1967–1970 </td><td style="border-left:1px #aaa solid;"><a href="/wiki/Brazilian_cruzeiro_(1967%E2%80%931986)" title="Brazilian cruzeiro (1967–1986)">Cruzeiro</a><br />Cr$ <samp>[BRB]</samp><br />1970–1986 </td><td style="border-left:1px #aaa solid;"><a href="/wiki/Brazilian_cruzado" title="Brazilian cruzado">Cruzado</a><br />Cz$ <samp>[BRC]</samp><br />1986–1989 </td><td style="border-left:1px #aaa solid;"><a href="/wiki/Brazilian_cruzado_novo" title="Brazilian cruzado novo">Cruzado novo</a><br />NCz$ <samp>[BRN]</samp><br />1989–1990 </td><td style="border-left:1px #aaa solid;"><a href="/wiki/Brazilian_cruzeiro_(1990%E2%80%931993)" title="Brazilian cruzeiro (1990–1993)">Cruzeiro</a><br />Cr$ <samp>[BRE]</samp><br />1990–1993 </td><td style="border-left:1px #aaa solid;"><a href="/wiki/Brazilian_cruzeiro_real" title="Brazilian cruzeiro real">Cruzeiro real</a><br />CR$ <samp>[BRR]</samp><br />1993–1994 </td><td style="border-left:1px #aaa solid;"><a href="/wiki/Brazilian_real" title="Brazilian real">Real</a><br />R$ <samp>[BRL]</samp><br />1994–present </td> </tr> </tbody></table></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a class="mw-selflink selflink">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a class="mw-selflink selflink">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Hyperinflation_in_South_America" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:South_America_topic" title="Template:South America topic"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:South_America_topic" title="Template talk:South America topic"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:South_America_topic" title="Special:EditPage/Template:South America topic"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Hyperinflation_in_South_America" style="font-size:114%;margin:0 4em">Hyperinflation in South America</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_sovereign_states" title="List of sovereign states">Sovereign states</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/w/index.php?title=Hyperinflation_in_Argentina&action=edit&redlink=1" class="new" title="Hyperinflation in Argentina (page does not exist)">Argentina</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_Bolivia&action=edit&redlink=1" class="new" title="Hyperinflation in Bolivia (page does not exist)">Bolivia</a></li> <li><a class="mw-selflink selflink">Brazil</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_Chile&action=edit&redlink=1" class="new" title="Hyperinflation in Chile (page does not exist)">Chile</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_Colombia&action=edit&redlink=1" class="new" title="Hyperinflation in Colombia (page does not exist)">Colombia</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_Ecuador&action=edit&redlink=1" class="new" title="Hyperinflation in Ecuador (page does not exist)">Ecuador</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_Guyana&action=edit&redlink=1" class="new" title="Hyperinflation in Guyana (page does not exist)">Guyana</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_Paraguay&action=edit&redlink=1" class="new" title="Hyperinflation in Paraguay (page does not exist)">Paraguay</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_Peru&action=edit&redlink=1" class="new" title="Hyperinflation in Peru (page does not exist)">Peru</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_Suriname&action=edit&redlink=1" class="new" title="Hyperinflation in Suriname (page does not exist)">Suriname</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_Uruguay&action=edit&redlink=1" class="new" title="Hyperinflation in Uruguay (page does not exist)">Uruguay</a></li> <li><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuela</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Dependent_territory" title="Dependent territory">Dependencies</a> and<br />other territories</div></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/w/index.php?title=Hyperinflation_in_the_Falkland_Islands&action=edit&redlink=1" class="new" title="Hyperinflation in the Falkland Islands (page does not exist)">Falkland Islands</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_French_Guiana&action=edit&redlink=1" class="new" title="Hyperinflation in French Guiana (page does not exist)">French Guiana</a></li> <li><a href="/w/index.php?title=Hyperinflation_in_South_Georgia_and_the_South_Sandwich_Islands&action=edit&redlink=1" class="new" title="Hyperinflation in South Georgia and the South Sandwich Islands (page does not exist)"><span style="white-space:normal;">South Georgia and the South Sandwich Islands</span></a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Hyperinflation_in_Brazil&oldid=1249485936">https://en.wikipedia.org/w/index.php?title=Hyperinflation_in_Brazil&oldid=1249485936</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:1980_establishments_in_Brazil" title="Category:1980 establishments in Brazil">1980 establishments in Brazil</a></li><li><a href="/wiki/Category:1980s_in_Brazil" title="Category:1980s in Brazil">1980s in Brazil</a></li><li><a href="/wiki/Category:1994_disestablishments_in_Brazil" title="Category:1994 disestablishments in Brazil">1994 disestablishments in Brazil</a></li><li><a href="/wiki/Category:1990s_in_Brazil" title="Category:1990s in Brazil">1990s in Brazil</a></li><li><a href="/wiki/Category:Economic_crises_in_Brazil" title="Category:Economic crises in Brazil">Economic crises in Brazil</a></li><li><a href="/wiki/Category:Inflation_in_Brazil" title="Category:Inflation in Brazil">Inflation in Brazil</a></li><li><a href="/wiki/Category:Hyperinflation" title="Category:Hyperinflation">Hyperinflation</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:All_articles_with_dead_external_links" title="Category:All articles with dead external links">All articles with dead external links</a></li><li><a href="/wiki/Category:Articles_with_dead_external_links_from_August_2024" title="Category:Articles with dead external links from August 2024">Articles with dead external links from August 2024</a></li><li><a href="/wiki/Category:Articles_with_permanently_dead_external_links" title="Category:Articles with permanently dead external links">Articles with permanently dead external links</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 5 October 2024, at 05:02<span 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