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acceleration of inflation accomodation Arida assets black market Brazil Brazilian economy costs debt crisis demand deposits discussion disinflation dollar economies of type effect eliminate inflation endogeneity equilibrium exchange devaluation exchange premiums exchange rate export external debt finance fiscal deficit fiscal reform high inflation high interest rates high powered money hyperinflation incomes policy increase indexed bonds indexed money inertia in inflation inertial inflation inflacao inflation rate inflation tax inflationary interest rate pegging internal issue legal indexation mild social pact mimeo Monetary Authorities monetary reform money demand money supply months non-indexed normal growth ORTN-CC overnight rate parameter passbook savings period political pre-announced price level rate on passbook rational expectations readjustment real exchange real interest rate real value real wages relative prices repress exchange speculation Resolution 432 Rio de Janeiro sector seigniorage society speculative spurt Stabilization in Brazil store of value strategy strong social pact supply shocks trade balance