O programa de estabilização de Raymond Poincaré

Abstract

This paper describes and analyses the economic program adopted in France under premier Raymond Poincaré in 1926. The antecedents of the accelerating inflation of 1925126 are presented and the role of the "Comité des Experts " recommendations in achieving the stabilization is emphasized. The article also discusses several interpretations of the "miracle" that led to the sudden end of inflation. The validity of the thesis which states that the stabilization occurred basically due to the fiscal adjustment is questioned and the importance of the reestablishment of market confidence after the fear of a capital levy is highlighted. Lastly, some relevant lessons for the Brazilian case are discussed.