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The (Not So) Great Depression Of The 21st Century And Its Impact On Brazil, Marcos A. P. Valadão, Ivo T. Gico

Ivo Teixeira Gico Jr.

At this point there are many papers discussing how the Great Depression of the 21st century came to be, its causes and the things that need to be changed in the world’s financial market in order to overcome and prevent it from happening again. We would like to contribute to the debate by sharing some of the experiences we had in our own country that may shed some light on how it really affected developing countries, especially Brazil. This is the main purpose of the present paper, to discuss how the sub-prime international crisis affected the Brazilian economy, the counter-cyclical …