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Institutional Development through Policy-Making: A Case Study of the Brazilian Central Bank

Published online by Cambridge University Press:  21 May 2009

Matthew M. Taylor
Matthew M. Taylor
Affiliation:
University of São Paulo, Email: [email protected].
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Abstract

A number of contemporary studies rightly emphasize the notion that policy outcomes result from institutional determinants. But as a growing literature on institutional development notes, these institutions are themselves impermanent. Sometimes, in crisis moments, institutions are replaced wholesale. More frequently, institutions evolve gradually over time. using the Brazilian Central Bank as a case study, this article illustrates that the policy-making process itself can be a central driver of gradual institutional development, with institutions evolving through the accumulation of policy choices made over many years and under different policymakers in response to contemporaneous events and unforeseeable economic and political challenges.

Type
Research Article
Information
World Politics , Volume 61 , Issue 3 , July 2009 , pp. 487 - 515
Copyright
Copyright © Trustees of Princeton University 2009

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