The inflation and Cruzado and Real Plans: an institutionalist interpretation

Abstract This paper aims to present both an institutionalist interpretation of inflation and of the result of the Real Plan and the Cruzado Plan from the theory of regulation and the old institutionalism of Veblen. Using the Theory of Regulation we observe how the institutional forms of structure contributed to the persistence of and the end of inflation in Brazil. From the point of view of Veblen's institutionalism we show that the institutional forms have contributed to consolidating what is called the "inflation habit", present in Brazil throughout its history. This "habit" increased in relevance in the 1980's, and derailed the Cruzado Plan. On the other hand, with the new macroeconomic configuration and the Real Plan, the suppression of the habit to adjust prices finally took place, which in turn provided monetary stability.

摘要 本文旨在基于规制理论（Theory of Regulation）与凡勃伦（Veblen）旧制度主义，分别对通货膨胀现象、巴西雷亚尔计划（Real Plan）与克鲁扎多计划（Cruzado Plan）的实施成效展开制度主义解读。借助规制理论，我们可探析巴西的制度结构形态如何推动了通胀的持续与终结。基于凡勃伦的制度主义视角，本文论证了制度结构形态如何巩固了贯穿巴西历史始终的所谓“通胀惯性”。这一“惯性”在20世纪80年代影响力进一步强化，并最终导致克鲁扎多计划宣告失败。另一方面，在新的宏观经济格局下，随着雷亚尔计划的推行，这种价格调整的惯性终被破除，进而为巴西带来了货币稳定。