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Plano Real
The Plano Real ("Real Plan",〔The word ''real'' in Portuguese could be translated either to ''real'' or ''royal'' in English. The name of the plan comes from the name of the currency which was chosen to give the idea of a stable and credible purchasing power.〕 in English) was a set of measures taken to stabilize the Brazilian economy in 1994, during the presidency of Itamar Franco. Its architects include, among many others, Edmar Bacha,〔
〕 Pérsio Arida, André Lara Resende, Gustavo Franco, Pedro Malan, Winston Fritsch and Francisco Pinto. The Plano Real was based on an analysis of the root causes of inflation in the post-military dictatorship Brazil, that concluded that there was both an issue of fiscal policy and severe, widespread inertial inflation. The Plano Real intended to stabilize the domestic currency in nominal terms after a string of failed plans to control inflation.
== Background ==
According to economic academics, one of the causes of inflation in Brazil was the inertial inflation phenomenon. Prices were adjusted on a daily basis according to changes in price indices and to the exchange rate of the local currency to the U.S. dollar. ''Plano Real'' then created a non-monetary currency, the Unidade Real de Valor ("URV"), whose value was set to approximately 1 US dollar. All prices were quoted in these two currencies, cruzeiro real and URV, but payments had to be made exclusively in cruzeiros reais. Prices quoted in URV did not change over time, while their equivalent in cruzeiros reals increased nominally every day.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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