Recupero parte de un artículo de ;Luciano (aka. Elemaco) from his blog
ESC, which examines the phenomenon of growth without inflation in Brazil:.
Brazil experienced, since Lula took eight years ago, el proceso ; more intensive of distributive improvement and fighting poverty in recent history. Brazil's Gini falls from 0.59 to 0.54, in an even stronger improvement than Argentina's from the height of the crisis in 2002 to 2007. Poverty and indigence, for its part, fall 12% and 8% respectively.
Most of these improvements stem from the primary redistribution of income, this is, one that originates in the labour market. real wages grow 30% during Lula's term (after a fall of 18% during the four years of crisis) and unemployment touches the lowest of the last 15 years.
Brazil environment, then, It was conducive to the development of an inflationary bidding process, mounted on the same imported inflation which would have affected Argentina. However, ;during the entire period of Lula, Average inflation was 6.5% per year (and 5.3% if we exclude 2003), in a country with an equivalent to the Argentina inflationary history (and its last hyperinflation in 1994).
Then, con tan sólo cinco gráficos tenemos todos los elementos para plantear el interrogante ;Why Brazil did not experienced an inflationary process as in Argentina, driven by the distributive bid?
So, Brazil builds up in the past two decades an exactly equal to the Argentine growth (75%), with a significantly lower volatility and, above all, with nominal stability and without the buildup of inflationary pressures that we see in our country. I think, personally, as in the case of Brazil, as in other countries of the region, they are a strong counterexample to the hypothesis of "heterodox inflation". We have, well close, the case of a country that has managed (como ;Chile, ;Uruguay o ;Bolivia) combine the mandate distribucionista of a progressive government with prudent management of the macro and good results in economic terms.
