Back to First Principles

Back to First Principles


Most Brazilians view the financial markets as a glorified casino infested with crooked speculators. As such, Brazil's capital markets will only develop into a source of long-term financing for industry or a safe and profitable place in which to invest once the economy has stabilized and interest rates are at reasonable levels. Yet the markets' strength and vitality have become clear during the brief periods of low inflation and interest rates, economic growth and a stable policy environment.Three years after the 1994 Real Plan halted hyperinflation, trading volume on the São Paulo Stock Exchange rose to a record $1 billion a day. In 1997,

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