Countercyclical Measures?

BRAZIL ECONOMICS - Report 21 Mar 2016 by Affonso Pastore, Cristina Pinotti, Marcelo Gazzano and Caio Carbone

In an extreme gesture, aiming to muffle the political crisis, Dilma Rousseff decided to appoint Lula to be her new chief of staff. It was an act of desperation with very low chances of succeeding. So far he has been barred from assuming the position by injunctions. Last week the great majority of bets in the financial market – with strong appreciation of asset prices – were that the political crisis would continue to deteriorate, culminating in impeachment. But there were some contrary voices, naively raising the hypothesis that with Lula’s support someone with a strong reputation in the economic policy field might be named finance minister or Central Bank president.

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