Banking and currency crisis recovery: Brazil's turnaround of 1999

Abstract

Brazil’s commercial banks ’ high capitalization ratios, shrunken loan portfolios, and expanded holdings of government paper allowed the central bank to take drastic postdevaluation stabilizing measures that calmed markets and created the foundations for a relatively quick economic turnaround without putting the banking system at risk. Although events that lead to currency crises in countries with pegged or fixed exchange rates are the subject of a large and growing body of literature, how countries get

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