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18:00 - 19:30 14 March 2017
The Multiple Exchange Rate system and Import Substitution Industrialization
Seminar Room 105 |
UCL – Institute of the Americas
51 Gordon Square | London | WC1H 0PQ | United Kingdom
Ticketing: Pre-booking essential
Bernardo Wjuniski, PhD candidate, LSE
Between 1953 and 1961, during the golden Age of Brazil’s Industrialization, the country adopted a unique system of Multiple Exchange Rates (MER), which was used to distribute foreign exchange to the economy via an auctions mechanism. The MER successfully managed to stabilize the country’s macroeconomic conditions, but is also at the same time seen as one of the major instruments used to support Import Substitution Policies, since it restricted imports of many sectors.
Using a new dataset collected from the period, as well as qualitative material, this presentation will explain the the mechanics of the MER system and look at depth at its relationship with Import Substitution Industrialization.
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