This paper explores how Brazil has fared during the ongoing global financial crisis, with a focus on the different policy tools used and their relative effectiveness. The financial crisis of 2008 and its aftermath, particularly the policy responses by developed economies, have spawned a number of challenges for Brazilian policy makers. The paper offers a view on these challenges and on how they might be helped by a concerted effort towards a comprehensive reform of the global monetary system.

In December 2012, the Asian Development Bank, CIGI and the Hong Kong Institute for Monetary Research co-hosted a conference in Hong Kong, China. The papers in this series, authored by esteemed academic and policy experts, were presented at the conference and were subsequently revised. These working papers are being published simultaneously by all three partners.
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