اجتناب از برخی از هزینه های تورم و خزنده به سمت ابر تورم: مورد جایگزین پول داخلی برزیل

The pattern of a classical hyperinflation is an acute acceleration of the inflation level accompanied by rapid substitution away from domestic currency. Until the Real Plan (1 July 1994), however, Brazil experienced inflation levels well above 1000% a year since 1988 without entering the classical hyperinflation path. Two elements played key roles in differentiating the Brazilian case from the classical hyperinflations: indexation and the provision of a reliable domestic currency substitute, i.e. the provision of liquidity to interest-bearing assets. This paper claims that the existence of this domestic currency substitute was the main source of both the inability of the Brazilian central bank to fight inflation and of the unwillingness of Brazilians to face the costs of such a fight. The provision of the domestic currency substitute through the banking sector is modeled, and the main macroeconomic consequences of this monetary regime are derived. Those are: the lack of a nominal anchor for the price system due to the passive monetary policy, and the non-controllability of seigniorage unlike traditional models of hyperinflations.