Adoption Exchange

2,2 HISTORICAL DESCRIPTION OF the PREVIOUS PERIOD To the ADOPTION OF the INFLATION GOALS the system of inflation goals is a regimen that had beginning in the year of 1990, in the New Zelndia. Later, innumerable countries developed and in development had also adhered to the goals, as, for example, Canada, Chile, the United kingdom, Australia, Spain, Republic Czech, Poland, Norway, Peru, among others, as if it can verify in Table 1. Brazil started to adopt this regimen, in 21 of June of 1999. Table 1: Period of Adoption of the Regimen of Goals for the Inflation in the World Source: Central banking. Of 1995 the 1999 Brazil, used as monetary politics the regimen of exchange bands, that had as characteristic ' ' anchorage cambial' ' was constituted of two elements keys of the combat politics the inflation: effective valuation of the tax of exchange and rise of the degree of external opening of the economy. For Seabra (1998, P. 204) the regimen of exchange bands was definite as: A regimen of exchange bands can be defined as being an interval inside of which the Central banking this compromising in keeping the tax of nominal exchange.

Although in the practical one superior band adopts itself inferior band (therefore, regimen of bands? in the plural one), an exchange regimen can establish only one band or a limit for the exchange tax. The system of exchange anchors had as objective to contain the inflation. For this, he was used a mechanism of economic policy through which the government fixed the exchange tax aiming at to reduce the increase of the prices. In general, the quotation of the local currency was fixed in relation to the reference currency, as it happened, for example, with the Real front to the North American Dollar at the beginning of the Real Plan. This was the instrument used for the Brazilian economic team until the year of 1999, when US$ 1 started to be valid R$ 1.21, tax defined for the conversion.