1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS Web98-987 EUpdated June 19, 2000Brazils Economic Reform and theGlobal Financial Crisis(name redacted)Specialist in International Trade and FinanceForeign Affairs, Defense, and Trade DivisionSummaryD
2、espite backing from the International Monetary Fund (IMF), capital flight fromBrazil in 1998 prompted the government to jettison its pegged currency stabilizationprogram and float the real on January 15, 1999, becoming another casualty of thevolatile international capital markets. Brazil adjusted to
3、 its financial crisis faster thanexpected, which is now considered over. This report provides a final summary ofBrazils financial crisis and related IMF assistance in support of congressional interest invarious aspects of the 1990s global financial turmoil. It will not be updated.Facing increasing i
4、nvestor uncertainty and prolonged capital flight, Brazil devaluedits currency (the real) on January 15, 1999, following Mexico, Asia, and Russia as the nextcasualty of the 1990s global financial turmoil. Although Brazil had ample foreignexchange reserves and International Monetary Fund (IMF) support
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