The present paper aims to discuss the relationships between the macroeconomic policy fronts (exchange rate, monetary and fiscal) and an ideal development project, whose constituent elements were presented, in part, over the past presidential terms in Brazil, but whose contents need to be revisited, deepened and complemented. This strategy, here called as "social-developmentalist", has its social components contextualized and summarized in the first part of the paper. While the second part focuses on the institutional framework of each of these three policy fronts and assesses their recent conduct in Brazil, in the light of the preceding considerations.

Pedro Rossi, André Biancarelli

Published in Berlin Working Papers on Money, Finance, Trade and Development, May 2014