Brazil's Incomplete Stabilization and Reform
分析了巴西1994年稳定计划的非常规性及其面临的预算赤字、实际汇率升值、外部赤字和改革不完整等问题，指出这些条件与拉丁美洲以往失败计划相似。
July 1994, after a decade of failed stabilizations, Brazil has made dramatic progress. Figure But the stabilization program is unconventional and this raises doubts about its eventual success. Brazil has big budget deficits, large real appreciation, and a large and growing external deficit; there has been a major increase in real wages and incomplete progress on broad-based economic reform. These conditions recall the many failed programs of Latin America, including Brazil's own Cruzado Plan of 1986.