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Just Another BRIC in the Wall? A Comparison of Recent Brazilian and Turkish Economic Developments

This paper compares various macro-prudential and policy tools, set against various aspects of the countries’ recent political economies, used by Brazil and Turkey to address some issues currently affecting the more attractive emerging markets: international capital inflows, inflation, and, current account deficits. By looking at two of these vibrant emerging economies, and examining their respective approaches to managing the domestic side effects of increased liquidity in the global financial system, this paper seeks to divine lessons for other policy makers and analysts.

Just Another BRIC in the Wall A Comparison of Recent
BRAZIL, Fortaleza: Anti-government demonstrators run away from tear gas. AFP / Yuri Cortez
 

As emerging markets have become exponentially more fashionable, both as an academic concept and as a home for investors seeking greater returns than are broadly possible in the world’s slowed developed economies, comparison of two of the most important emerging markets, Brazil and Turkey, is timely. It goes without saying that the two have significant differences. They are disparate in size (in terms of both population and landmass); exist in profoundly different contemporary regional and geopolitical contexts; and have relatively different historical contexts in their paths to becoming fully democratic nation states. What they share is what this article will focus on. This is not limited to an increased attention on their remarkable potential for growth, but a recent history of serious structural economic development abridged by economic crises.

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