Paridades cambiais, dívida externa e ajustamento: reflexões sobre o caso brasileiro - 1983/87

Abstract

This paper analyses the increase of the Brazilian external debt between 1982 and 1987. It shows that the flows associated with the balance of payment performance explain only 30% of the US$ 35 billions growth occurred in these five years. The causes of this phenomena are discussed year by year and special emphasis is given to the influence of exchange parity changes on the value of the external debt stock. Finally, in view of the risk of further depreciations of the dollar, it is suggested the inclusion of special lending clauses in the renegociations agreements, clauses such as those which are applied to cases of adverse external shocks.