Brazilian currency crisis of 1999

E7567

currency crisis economic event financial crisis

The Brazilian currency crisis of 1999 was a major financial turmoil in which Brazil was forced to devalue the real and abandon its currency peg, triggering inflationary pressures and economic instability.

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All labels observed (1)

Label	Occurrences
Brazilian currency crisis of 1999 canonical	1

Statements (49)

Predicate	Object
instanceOf	currency crisis ⓘ economic event ⓘ financial crisis ⓘ
country	Brazil ⓘ
describedBySource	International Monetary Fund reports on Brazil 1998–1999 ⓘ World Bank analyses of Brazil’s macroeconomic adjustment in the late 1990s ⓘ
endTime	1999 ⓘ
followedBy	implementation of inflation targeting in Brazil ⓘ reforms of Brazil’s exchange rate policy ⓘ strengthening of Brazil’s fiscal responsibility framework ⓘ
hasCause	contagion from the 1997 Asian financial crisis ⓘ contagion from the 1998 Russian financial crisis ⓘ high public debt levels ⓘ large current account deficits ⓘ loss of investor confidence ⓘ overvalued exchange rate ⓘ speculative attacks on the Brazilian real ⓘ
hasEffect	abandonment of the crawling peg exchange rate regime ⓘ adoption of a floating exchange rate regime ⓘ banking sector stress ⓘ capital outflows ⓘ decline in real wages ⓘ devaluation of the Brazilian real ⓘ economic recession in Brazil ⓘ fiscal austerity measures ⓘ increase in inflation ⓘ increase in poverty rates ⓘ increase in public debt burden in local currency terms ⓘ increase in unemployment ⓘ loss of foreign exchange reserves ⓘ political pressure on the federal government ⓘ pressure on state-level fiscal accounts ⓘ renegotiation of IMF support program ⓘ rise in interest rates ⓘ tightening of monetary policy ⓘ weakening of domestic demand ⓘ
location	Brazil ⓘ
mainSubject	Brazilian real ⓘ
participant	Brazilian commercial banks ⓘ Central Bank of Brazil ⓘ International Monetary Fund ⓘ government of President Fernando Henrique Cardoso ⓘ international investors ⓘ
partOf	late 1990s emerging markets financial crises ⓘ
pointInTime	January 1999 ⓘ
significantEvent	January 13, 1999 widening of the exchange rate band ⓘ January 15, 1999 decision to let the real float ⓘ sharp depreciation of the real in January 1999 ⓘ
startTime	1998 ⓘ

Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

Asian financial crisis of 1997–1998 → followedBy → Brazilian currency crisis of 1999 ⓘ