Brazil's External Debt: A History

Introduction

Brazil's external debt has been a major issue for the country for decades. In this book, Jacob Dolinger provides a comprehensive history of Brazil's external debt, from its origins in the colonial period to the present day. Dolinger argues that Brazil's external debt has been a major obstacle to the country's development, and he calls for a new approach to debt management.

The Origins of Brazil's External Debt

Brazil's external debt dates back to the colonial period, when the Portuguese government borrowed money from European banks to finance its wars and other expenses. After Brazil gained independence in 1822, the new government continued to borrow money from foreign lenders, and the country's external debt grew rapidly.

The Debt Crisis of the 1980s

In the 1970s, Brazil borrowed heavily from foreign banks to finance its rapid economic growth. However, the global recession of the early 1980s caused Brazil's economy to collapse, and the country was unable to repay its debts. This led to a debt crisis that lasted for over a decade.

The Aftermath of the Debt Crisis

The debt crisis had a devastating impact on Brazil's economy. The country's GDP fell by over 10%, and inflation soared to over 1,000%. The debt crisis also led to a political crisis, and the country's military government was overthrown in 1985.

Brazil's External Debt Today

Brazil's external debt remains a major issue for the country today. The country's debt-to-GDP ratio is over 70%, and the country is vulnerable to another debt crisis.

A New Approach to Debt Management

Dolinger argues that Brazil needs a new approach to debt management. He calls for the country to reduce its reliance on foreign borrowing and to focus on domestic sources of financing. He also calls for the country to renegotiate its existing debts with foreign creditors.

Conclusion

Brazil's external debt is a major obstacle to the country's development. In this book, Jacob Dolinger provides a comprehensive history of Brazil's external debt and argues for a new approach to debt management. Dolinger's book is a must-read for anyone interested in Brazil's economy and its future.

Why You Should Read This Book

If you are interested in Brazil's economy and its future, then you should read this book. Dolinger provides a comprehensive history of Brazil's external debt and argues for a new approach to debt management. His book is a must-read for anyone who wants to understand the challenges facing Brazil today.

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