Part one of term paper
On January 12, 1999, over a billion dollars fled Brazil. Three days later, the Central Bank attempted to bring about a limited devaluation of the Brazilian currency, the real, but it failed to prevent a free fall. Over the next two days, another $3 billion was pulled out, and by the end of the month, the real had lost over 40 percent of its v ...

Part two of term paper
... changes, such as currency devaluations in places like Brazil. It was, as the Brazilian press pointed out, a case of putting the fox among the chickens. The outlook for 1999 is grim. Brazil is facing a deep recession and a return of inflation; continuing volatility in the value of its currency; a political cat fight over fiscal reform legislation in Congress; acute stress in the relationship between the federal government and the states; the risk of defaults on state and federal government debt as ...