IESET.
Drift overview·BRA

Brazil

net market drift14 movements coded · 19742023·final composite drift: -23.0
tone legendleft / state-expansionright / marketcentrist / mixedauthoritarian

Composite statist-drift trajectory with movements

fiscal axes — what moved and which way

sectoral subsidyspending leveltax progressivitytransfer expansion

regulatory axes — what moved and which way

environmental stringencyfinancial deregulationlabour market flexibilityproduct market competitionsectoral licensingtrade openness

monetary axes — what moved and which way

central bank independencemonetary expansion direction

institutional axes — what moved and which way

property rightsrule of law

Movement timeline (14)

YearMovement
1974–1979Geisel military — II PND developmentalism + abertura
brazil_geisel_abertura_1974_1979
1979–1985Figueiredo final military — debt crisis, completed abertura
brazil_figueiredo_final_military_1979_1985
1985–1990Sarney PMDB — Cruzado, Bresser, Summer heterodox stabilisation
brazil_sarney_pmdb_1985_1990
1990–1992Collor PRN — Plano Collor, liberalisation, impeachment
brazil_collor_prn_1990_1992
1992–1995Itamar PMDB — Plano Real birth under FHC Finance
brazil_itamar_pmdb_1992_1995
1993–2002Plano Real stabilisation and Cardoso reforms (Brazil)
brazil_real_plan_1994
1993–2002Brazil Plano Real + Cardoso stabilisation
brazil_real_plan_cardoso_1994_2002
1999–2002Cardoso II — Real devaluation, inflation targeting, Fiscal Responsibility Law
brazil_cardoso_ii_2nd_term_1999_2002
2003–2010Lula macro-orthodoxy plus Bolsa Família (Brazil)
brazil_lula_da_silva_bolsa_familia_2003_2010
2007–2011Lula II — Bolsa Família expansion, pre-salt, PAC
brazil_lula_ii_pt_2007_2011
2011–2016Dilma Rousseff PT — matriz econômica, pedaladas, Lava Jato, impeachment
brazil_dilma_rousseff_pt_2011_2016
2016–2018Temer MDB government — orthodox fiscal adjustment post-Dilma (Brazil)
brazil_temer_mdb_2016_2018
2019–2022Bolsonaro government — right-populist with liberal economic team (Brazil)
brazil_bolsonaro_pl_2019_2022
2023Lula third term — Marco Fiscal, industrial policy return (Brazil)
brazil_lula_third_term_2023_present