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Because Brazilian government implemented the following measures, the financial turmoil resulted from the currency devaluation was successfully calmed down: 1) The banking system was restructured to improve financial discipline. This measure was borrowed from one of the lessons of the Mexican financial crisis in 1994. 2) Through privatization the government accumulated a large sum of capital. 3) A package plan was designed to increase revenues and cut expenditures so as to curb public deficits. 4) The social security system is being reformed to ease the public financial burdens. 5) Efforts were made to attract external financing. 6) A floating exchange rate system replaced the pegged system soon after the turmoil broke out. At the same time, the government stopped intervening in the foreign exchange market. This policy helped save the foreign reserves and also contributed to the necessary correction of the over-valued currency. 7) Long-time high interest policy made it impossible for the enterprises to keep higher debt-assets ratio. This proved to be quite beneficial for them to maintain normal production in the face of the turmoil.
Because Brazilian government implemented the following measures, the financial turmoil caused from the currency devaluation was successfully calmed down: 1) The banking system was restructured to improve financial discipline. This measure was borrowed from one of the lessons of the Mexican financial crisis in 1994. 2) Through privatization the government accumulated a large sum of capital. 3) A package plan was designed to increase revenues and cut expenditures so as to curb public deficits. 4) The social security system is being reformed to ease the public financial burdens. 5 ) Efforts were made to attract external financing. 6) A floating exchange rate system replaced the pegged system soon after the turmoil broke out. At the same time, the government stopped intervening in the foreign exchange market. also contributed to the necessary correction of the over-valued currency. 7) Long-time high This proved to be quite beneficial for them to maintain normal production in the face of the turmoil.