#2022166 Magalhaes Ivan SupplySide Policies - Brazil

Brazil Major Supply Side Policies
Individual Report
Business Economics
Ivan Magalhaes
Student ID 2022166
Business Economics
Brazil Supply Side Policies Page |1
Table of Contents
Introduction ......................................................................................................................................2
• Fiscal Policies ................................................................................................................2
• Monetary Policies ..........................................................................................................2
• Supply-Side Policies ......................................................................................................3
• LRAS Chart ...................................................................................................................3
Market-Based Supply-Side Policies ................................................................................................4

• Policies for Economic Growth Chart………….…………....………….……………...4
• Privatization / Deregulation / Reduce Income Tax / Bureaucracy ................................5
• Reduce Tariffs / Change of Benefits ..............................................................................5
• Deregulation of Labor Markets / Reduce Union Power ................................................5
Interventionist Supply-Side Policies ................................................................................................6

• Government investment in transportation infrastructure ...............................................6
• Housing Construction of subsidized affordable homes .................................................6
• Spending on health care / Improved education / Spending on training .........................6
Brazil Economic Challenge .............................................................................................................7

• Inflation Rate Chart Jan 1994 - Dec 1995 .....................................................................7
Brazil Supply-Side Policies .............................................................................................................8

• Inflation Rate Chart 1996 - 2018 ...................................................................................8
• Privatization / Bureaucracy / Corruption .......................................................................9
• Deregulation / Reduced Import-Export Tariffs / Housing Construction .....................10
• Spending in Education and Training / Spending in Healthcare ...................................11
The Outcome - Actual Situation after Policies ..............................................................................12
Conclusion .....................................................................................................................................14
References ......................................................................................................................................15
Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Business Economics
Introduction
In a world in constant change, financial policies have a significant impact on society. Governments
and policymakers use three major types of policies, Fiscal, Monetary, and Supply-Side. This report
will analyze the Brazilian economic challenges for the past 25 years, the Supply-Side policies used
to tackle those challenges, and the outcome of those policies.
Fiscal Policies
Fiscal Policies are the process of influencing economic factors, especially macroeconomic
conditions, such as Aggregate Demand (AD) for goods and services, employment, inflation, and
economic growth, through government spending and tax policies. Fiscal policy is primarily
founded on the theories of British economist John Keynes (1883–1946), who concluded that
economic recessions are caused by a shortfall in the AD components of household spending and
business expenditure. Keynes argued that policymakers could control economic growth and
balance the market cycle by adjusting expenditure and tax policies to compensate for the private
sector's shortfalls. His theories emerged in reaction to the Great Depression, which challenged
classical economics' expectations of self-correcting economic fluctuations. Keynes' proposals had
a great influence in the US, where the New Deal entailed massive investment in public
infrastructure projects and social security services. (Boundless Economics, n.d.).
Monetary Policies
Monetary policy, also known as the demand side of economic policy, refers to the measures taken
by a country's central bank to manage the money supply and interest rates to accomplish
macroeconomic objectives that foster sustainable economic development. The aim is to control
inflation, consumption, growth, and liquidity. This is accomplished by the purchase or sale of
government bonds, by the regulation of foreign exchange rates, by the adjustment of the volume
of money banks can hold as reserves, or by manipulating interest rates. Companies will be unable
to raise investment if interest rates are high. A high interest rate makes it more costly to invest in
capital equipment. The government may also pursue deflationary monetary policies, such as
increasing interest rates to combat inflation, but boosting the economy's productive potential is a
more durable strategy because it allows Aggregate Demand (AD) to increase without creating
inflationary pressure. (CFI, 2015).

Business Economics
Supply-Side Policies
Supply-Side policies are attempts to improve the economic capacity and exist in two types: Market
Based with less government and more economic freedom, or Interventionist, promoting the role
of government in the economy. These policies aim to increase the productive potential of the
economy by increasing Aggregate Supply (AS) through increasing the number of factors of
production or improving the efficiency of the markets. They are used to achieve the main Macro
objectives of a government which are full employment, price stability, economic growth,
redistribution of income, and balance of payments stability. These policies put an emphasis on
manufacturers who are also suppliers to increase demand and, in turn, create employment. They
are used because, in principle, they will boost productivity and shift long-run aggregate supply
(LRAS) to the right, enabling higher economic growth, increasing the quantity and quality of
factors of production (Chand, n.d.).

Business Economics
Market-Based Supply Side Policies

Market-Based supply-side policies use supply-side strategies to improve competitiveness and
business efficiency. It includes privatization, deregulation, reduction of income tax, reduction of
bureaucracy, increasing of free-trade, interest rate change, change of welfare benefits, deregulation
of labor markets, and reduction of union control over the companies. (The IB Economist, n.d.).

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Privatization - Involves the privatization of property held by the state. The concept is that the
private sector is more successful at running businesses because it is driven by profit and lower
costs.
Deregulation - A strategy to boost competition and better services. It entails lowering entry
barriers to join the Market with new approaches to the business. Competition usually results in
lower prices and higher-quality goods/services.
Reducing income tax - Raises people's incentives to work harder, increases labor production and
productivity. Similarly, a reduction in companies' taxes allows businesses to keep more earnings
for investment. However, this is not always true; reduced taxes do not always result in increased
job benefits. Companies can choose not to spend their increased profits but rather distribute them
to shareholders or save them.
Bureaucracy and constraints on the economy - Will make it more difficult for businesses to
grow and invest. Reduced bureaucracy and paperwork lower companies' costs and foster an
investment-friendly climate.
Reduced import-export tariffs - Will boost trade and offer an opportunity for export-oriented
companies to expand. For instance, the Mercosul Market has harmonized the regulatory
framework, allowing for more frictionless trade. Negotiating frictionless trade agreements results
in reduced business costs and increased efficiency
Change of unemployment benefits - Can entice the unemployed to seek work and increase the
motivation to work longer hours.
Deregulation of labor markets - This is possible by measures such as facilitating the hiring and
firing of employees, remove redundancy pay, and challenge rights. If it is less expensive to recruit
and dismiss employees, it allows businesses to hire employees in the first place, thus increasing
job opportunities.
Reducing the union's power - This policy can include laws that restrict labor unions' right to
strike and companies' right to employ whomever they feel is more qualified without constraints of
age, gender, or seniority.

Business Economics
Interventionist Supply Side Policies

Supply-side interventionist strategies include increasing government expenditure on housing,
transportation, healthcare, infrastructure, and education. (IB Study, n.d.).
Government investment in transportation infrastructure - It helps reducing congestion and

pollution. Improved transportation infrastructure helps lower transportation costs and encourages
companies to invest.
Housing Construction of subsidized affordable homes - Makes it possible for people to relocate
and find employment in affluent areas, thus decreasing geographic immobility. Labor shortages
could harm businesses in places that have been prohibitively costly to live.
Spending on health care - Enhances the nation's health and increases labor efficiency. Businesses
incur significant losses due to illness time. Additionally, high taxes on cigarettes, alcohol, and
sugar can improve well-being and help offset healthcare costs associated with intoxication,
obesity, and polluted ecosystems.
Improved education - Boost labor productivity. Often, public education is under-provided,

resulting in market failure. The Government needs to subsidize appropriate education and training
programs to fill labor market vacancies. Increasing government spending on education and training
increases worker productivity, which increases labor productivity and therefore increases the
economy's economic capacity. Additionally, increased labor efficiency raises the quality of
companies' goods and services and will boost foreign demand for their goods, resulting in higher
exportation. As a result, companies will have a higher proclivity to invest, and the economy's
productive potential would rise.
Spending on training - Benefits those who are unemployed by educating them and equipping
them with the skills employers need. Furthermore, it will minimize worker immobility, reflecting
a reduction in latent unemployment, signaling an improvement in the economy as more workers
join the workforce. However, since education investment takes time, there will be a delay, which
means that the economy will grow gradually, not overnight. There is a possibility that increased
education spending would not improve the economy's productive capacity; this occurs because
training may be ineffective if education is of poor quality.

Business Economics
All these Supply-Side policies, market-based or interventionist, have some disadvantages, namely,
time lag. Many of those policies can take some time to affect and be seen in the economy. They
are expensive, can be costly to implement, and unpopular due to the cut of welfare and other
benefits.
Brazil Economic Challenges

Brazil's economy is divided into primary, secondary, and tertiary sectors, with the latter being the
most developed and accounting for more than half of GDP and generating 75% of employment,
therefore the largest sector of the economy (SENAI, s.d.).
This industry is composed of businesses engaged in the selling of goods and services. It includes,
among other things, commerce, telecommunications, public utilities, computing, communications,
and technology. Since the 60s, Brazil has seen rapid growth in various sectors, from primary to
technology. This technological expansion was fueled by global resources and multinational
corporations based in Brazil. The contributing factors for Brazilian economic problems have been
lack of jobs, education, health, infrastructure, housing, and transportation (Pena, n.d.).
During the 80s, Brazil had a persistently super-inflation rate which exacerbated the country's
income distribution issues and led to the country's GDP decline. This increased external public
debt, which has had an impact on investment. Additionally, high-interest rates, high labor costs,
bureaucracy, financial and political issues increased the cost of doing business in Brazil, with a
clear effect on the economy's development. These factors led the country to a fragile economic
situation in the early 90s, with hyperinflation and five different currencies in the past 20 years.
(SCIELO, 2019).

Business Economics
Brazil Supply Side Policies

To solve the economic challenges Brazil was facing, governments had to implement different
policies, but prior to that, inflation had to be controlled. Inflation had been an issue in the Brazilian
economy in the late 80s and 90s. From June 1993 to June 1994, Brazil had inflation of 5000%, so
in 1994 with the election of a new president, the country sees the implementation of structural
changes to stabilize the economy (Pedro Rossi, n.d.).
The first policy, a Fiscal-Monetary policy, was the Plano Real. Although not a Supply-Side policy,
it was the most crucial measure in controlling hyperinflation, laid the foundations, and was the
turning point for the Brazilian economy. The Plano Real consisted of adopting a virtual currency,
the URV (Real Unit Value), during a transition period of 3 months from March to June 1994. In
July, the new currency, The Real, was launched; inflation came down from 5000% in June 1994
to 916% in December 1994 and further down to an average of 6.4% in the subsequent years (Banco
Central do Brasil, s.d.).
With controlled inflation, the next step was to develop the economy and gain productivity. Some
policies were implemented and are described below.

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Privatizations
The first measure towards a new economy was privatizations. International groups acquired state-
owned corporations ending decades of state monopoly. In the first ten years, from 1995 to 2005,
more than 100 state-owned companies were privatized, generating revenue of U$95b (Russo,
2013).
The number of employees of privatized firms decreased by more than 70%, from 95,000 to 28,000
jobs. Meanwhile, the profitability of these same industries increased by 900 percent, from 11
billion to 110 billion reais (Pena, 2021).
However, it is specifically at this point that much of the criticism aimed at Brazil's privatizations
is found. The arguments are they accelerated the trend of outsourcing the workforce, creating
unstable working relationships, thus rising unemployment. In comparison, those in support of
privatization assert that it promotes infrastructure growth, especially in terms of service quality.
The situation of Brazilian telecommunications firms such as Telebrás is one of the most often
quoted cases. Access to telephone sets became widespread after privatization.
Bureaucracy
To tackle these two problems, the government issued the 1995 Managerial Reform. It advocated
management focused on efficiency, administrative competitiveness, and social control, which
allowed public administrators greater freedom. It also aimed to improve the State's strategic
nucleus through higher wages for senior public officials and the hiring of new ones (Pires, 2018).
Corruption
In 1999, Brazil co-signed the "Fight against Corruption of Foreign Public Officials in International
Business Transactions Convention." In 2000, to comply with convention guidelines, Brazil
initiated methodical and annual monitoring against corruption. In 2002, the government revised
the Brazilian Penal Code to include the designation of crimes committed against a foreign
government by a private citizen in international commercial transactions. Finally, in 2013, a law
was passed and established criminal and civil responsibility for institutions that commit offenses
against national and international administration (BNDS, n.d.).

Business Economics
Brazil Supply Side Policies P a g e | 10
Deregulation
The revolution in Brazil's telecommunications market began in 1995, with the adoption of the
Constitutional Amendment allowing the entry of new players. Previously, the government had a
state monopoly on telecommunications. In 1997 Brazil passed the General Telecommunications
Law (LGT), which Privatize the telecom sector. The establishment of a regulatory body and other
developments in the 1990s were critical to the sector's current perceived advancements. The
deregulation brought an end to Brazil's state-owned telephone monopoly (Heibel, 2018).
Reduced Import-Export Tariffs
International trade boosts economic growth: in the case of Brazil, it is possible to verify that. In
parallel to the growth of exports (average annual growth rate of 11.2%), the gross domestic product
(real GDP) increased at an average annual rate of 3% from 1995 to 2011. Additionally, the
country's imports rose by about 9.4 percent a year over the same period. These figures illustrate
the probability of a positive relationship between international trade (exports plus imports) and
economic growth in Brazil (SCIELO, 2017).
Starting in 1995, the Government implemented the "Automotive Regime," which cut import taxes
on capital products and manufacturing by 40%, promoting and enabling the establishment in Brazil
of many new car assemblers and auto parts producers, as well as expanding the productive capacity
of existing industries. This measure resulted in a boom for automakers such as Fiat, Ford, and
Volkswagen. Argentina was affronted by the 40% cut in the import tax on components used in the
production of automotive goods in Brazil due to the existence of the Common Automotive Policy
between Brazil and Argentina. To eradicate inter-country animosity, it was decided that the 40%
cut would be phased out progressively (Oliveira, 2010).
Housing Construction and Affordable Homes
In 1999, the Brazilian government established a program to build 450,000 new low-income homes.
In 2000, the “Better Living” program was developed with the primary goal of improving the health
and quality of life of the low-income population with a special emphasis on households located in
high-risk, unhealthy, or degraded areas. Around 110,000 housing units were constructed as part of
the initiative. Since 2003, housing and urban policies have advanced to a new level on the national

Business Economics
economic agenda, following the establishment of the Ministry of Cities and bringing together the
sectoral policy portfolios (housing, sanitation, and transport). The National Social Interest Housing
System (SNHIS) was established in 2005 (Marguti, 2016).
Until 2007, the government had already funded 550,000 housing units. In 2008, loans had already
surpassed R$40 billion, and developers possessed substantial land for the construction of
approximately 200 thousand housing units in the "economic segment." In 2009, a program was
founded with the aim of constructing one million houses (Antunes, 2018).
Spending in Education and Training
In 1995, for a period of 15 years, the government implemented various measures to enhance
education. School TV, created to encourage learning via the use of radio and television stations.
The Educational Credit Program, established to assist students in financing their higher education
through Federal banks. National Minimum Income Program, to encourage underprivileged
children to pursue higher education. The Brazil Alphabetized Program, developed to encourage
literacy among young adults over 15. Expansion of the National School Feeding Program (PNAE)
to include infants enrolled in public daycare centers. The University for All Program (ProUni),
created to provide partial and complete scholarships to low-income youth. The Factory School
Program, developed to prepare young people between the ages of 16 and 24 for entry into the labor
market through technical initiation courses and the establishment of a nine-year mandatory school
with compulsory registration at the age of six. (Ministerio da Educacao, 2020).
Spending in Health Care
Brazil provides a universal, publicly funded health care scheme (SUS). 2002 saw the
implementation of several reforms aimed at enhancing the system. SAMU, a mobile pre-hospital
treatment, was created to increase access and quality of treatment. The government financed the
installation of SAMU units and the purchasing of ambulances. SAMU expanded rapidly, hitting
146 services throughout the country in 2008, covering more than 100 million people. The Popular
Pharmacy program was introduced to increase people's access to affordable family drugs by
establishing a co-payment strategy between consumers and the state. The government provides
incentives for the establishment and operation of those pharmacies, selling medicines subsidized
by the Ministry of Health. Smiling Brazil is a policy aimed at increasing access to oral health

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services. The number of oral health teams working in the country increased by 407%, from 4,261
to 17,349, covering 85 million people in just five years, and reaching 22,140 teams in 2019
(SCIELO, 2011).
The Outcome - Actual Situation after Policies

Privatizations - The objective was to offer better services and fight public debt. That objective
was partially achieved, with better services in some areas, but public debt kept rising, reaching
98,9% of GDP in 2020, being 164th in debt to GDP world ranking (Country Economy, 2021).
Bureaucracy - The 1995 Managerial Reform was 25 years ago. Since then, no serious de-
bureaucratization reform took place. Today 84% of the population considers Brazil a bureaucratic
country. Population still has difficulties on access to water, electricity, and essential services. 83%
of the companies say the high cost of doing business in Brazil is a barrier to businesses. 90% says
excess bureaucracy leads to corruption, impedes economic growth, and affects a company's
productivity (Agencia Brasil, 2017).
Corruption - The International transparency ranking puts the country in the 94th position with
38/100 points. The international convention signed by the country and the policy was ineffective
in results. (Transparencia Internacional, 2020).
Deregulation - The phone operator market has five companies with a clear advantage to the client.
The energy and electricity market are still a state monopoly, and programs are being developed to
prepare for deregulation of the sector in the next 42 months. This policy was effective but is still a
work in progress. (ANACE, 2020).
Reduced Import-Export Tariffs - In 2010 Auto production was 3.6M of vehicles, with a yearly
increase of 14% from 2009 (Poggetto, 2011). The political decision of ending the Reduced Tariff
slowed down vehicle production over the years, with a 2019 production at 2,9M (Less 700
thousand than in 2010) (Galante, 2019). This political decision erased all the benefits from the
policy. The trade balance of U$30b in 2006 had a sharp decline to negative U$65b in 2015
(MacroTrends, 2021).

Business Economics
Housing Construction and Affordable Homes - Despite the expenditure increase from 4% in
1987 to 14% of the GDP in 2009 (Hiromoto, 2010), 6,4M families (30M people) are homeless.
For those who have a roof, 33% don’t have a sanitation or sewerage system (Habitat Brasil, 2016).
The program created 3,5M jobs and generated R$163b in taxes (Antunes, 2019). This policy
worked and gave hope to some part of the population, but a lot is still to be done.
Education and Training - The 2018 PISA World Ranking ranks Brazil in 65th amongst 79
countries. Analyzing only the private schools, Brazil climbs to the 5th position. Despite 6% of
GDP used yearly, in 2020, the country was in 63rd position in the World Competitiveness
Yearbook (Silva, 2020). The literacy rate climbed from 75% to 93% in 2018 (MacroTrends, 2021).
This measure had some effect on the lower-income classes for the basic knowledge, but a leap in
quality education is still to come.
Spending in HealthCare - Despite an average yearly expenditure of 9% (Statista, 2018) and a per
capita that almost tripled to U$848 from 2005 to 2020 (MacroTrends, 2021), Brazil occupies the
125th position in the WHO 2020 rank (Boa Saude, 2021). However, the maternal mortality rate
went down from 69/100k to 60/100k; the smoking rate decreased to 16% of the population, and
life expectancy went up from 68 to 75 in 2020 (MacroTrends, 2021). This policy was effective in
delivering basic health care to the lower-income population

Business Economics
Conclusion
Policies have a time lag. When Plano Real was implemented in 1995, the GDP was U$769,305b.
GDP reached U$2,616 trillion in 2011. With a new government and new policies, economic
growth stalled, a sharp decline happened, and in 2019 the GDP was U$ 1,800 trillion (The World
Bank, 2020).
The Central Bank's Monetary Policy Committee acknowledged in a public statement that the
economy is stagnant. Brazil's annual growth rate is 0.9 % (McGeever, 2021).
The unemployment rate is 14% (Alvarenga, 2021), with a high share of informal employment of
about 42% (Nitahara, 2019). Those two factors are a major social challenge and contribute
significantly to the country's poor aggregate labor productivity.
The nation has seen the worst recession in its history over the last decade, with the GDP dipping
3.8 percent in 2015 and 3.6 percent in 2016. With inflation at 10%, unemployment has risen to
14%, household debt has expanded, and economic spending has slowed (Almeida, 2021).
Today, the country's primary economic issue is its public finances, which have been in the red
since 2014, which has resulted in public debt of nearly 80% of GDP, and without reforms, the debt
is estimated to rise to 102% in 2 years (Gallas, 2021).
Twenty-five years ago, Plano Real was implemented. Brazil had 15 years of constant economic
growth. A different political approach to the economy has created new problems. Although some
sectors have improved, like education and healthcare, others are still being hurt by high corruption,
bureaucracy, lack of productivity, and deregulation. Institutional and economic reforms are still to
be made.
Those are the major barriers to Brazilian economic growth.

Business Economics
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#2022166 Magalhaes Ivan SupplySide Policies - Brazil

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#2022166 Magalhaes Ivan SupplySide Policies - Brazil

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Brazil Major Supply Side Policies

Market-Based Supply-Side Policies ................................................................................................4

Interventionist Supply-Side Policies ................................................................................................6

Brazil Economic Challenge .............................................................................................................7

Brazil Supply-Side Policies .............................................................................................................8

The Outcome - Actual Situation after Policies ..............................................................................12

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Market-Based Supply Side Policies

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Interventionist Supply Side Policies

Government investment in transportation infrastructure - It helps reducing congestion and

Improved education - Boost labor productivity. Often, public education is under-provided,

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Brazil Economic Challenges

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Brazil Supply Side Policies

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Reduced Import-Export Tariffs

Housing Construction and Affordable Homes

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Spending in Education and Training

Spending in Health Care

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

The Outcome - Actual Situation after Policies

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Those are the major barriers to Brazilian economic growth.

Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Agencia Brasil, 2017. [Online]

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Antunes, L., 2018. [Online]

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BNDS, n.d. Convenção sobre o Combate à Corrupção. [Online]

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Dubai - May 2021 Student ID - 2022166 Magalhaes, I

Boundless Economics, n.d. Introduction to Fiscal Policy. [Online]

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Dubai - May 2021 Student ID - 2022166 Magalhaes, I

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