Great post as usual. I was wondering if you could point me to some further reading regarding the Brazilian case ? Is there a good book on Brazilian monetary policy you could recommend?
Sharp framing of the institutional tension. The SARB case is particularly intresting becuase it exposes how market insulation can enable institutional drift even when the constitutional framework is technically intact. I've watched similar dynamics in eastern european central banks where technocratic capture masked itself as independence. The Brazilian situation with STF and TCU involvement feels like the inverse problem, where judicial and oversight bodies basically weaponize process to erode operational autonomy.
Great post as usual. I was wondering if you could point me to some further reading regarding the Brazilian case ? Is there a good book on Brazilian monetary policy you could recommend?
Let me dig..
Thank you for the effort! Please do so only if you have time and are inclined to. Thank you for a fascinating Substack!
Sharp framing of the institutional tension. The SARB case is particularly intresting becuase it exposes how market insulation can enable institutional drift even when the constitutional framework is technically intact. I've watched similar dynamics in eastern european central banks where technocratic capture masked itself as independence. The Brazilian situation with STF and TCU involvement feels like the inverse problem, where judicial and oversight bodies basically weaponize process to erode operational autonomy.
Hi
Indeed, better institutional design is needed taking into account both cases, and institutional adaptation is paramount.