ABSTRACT. My analysis complements the growing literature on Brazil’s growth-rate collapse, Brazil’s reaction to the international financial crisis, and the Brazilian economic policies implemented during and after the international financial crisis. The objective of this paper is to emphasize Brazil’s path towards becoming an EME, the impact of the international crisis on Brazil, and the predominance of the monetary dimension in the conduct of Brazilian economic policy. pp. 107–112
JEL Codes: B22, C82, F41

Keywords: Brazil, macroeconomic policy, international financial crisis