Latin America
Exception, however, that it enters many restrictions, the exchange reserves are limited, although today to present the levels highest of history. It would be convenient to carry through a deep analysis of the economic beddings of the import countries of our products, mainly in Latin America and the old Soviet block. The brusque fall in offers of credit and in the international trade it can hide a trap: the insolvency of importers. If the level of the trick very will be raised, will have damage between the banks what it includes the Central banking. The limitantes factors to the performance of the Brazilian government in adoption of anticyclical tax policies is, among others, the bureaucratic barriers for accomplishment of public works and the visible scarcity of public saving for new enterprises, in function of the raised levels of expenses of expenditure in the three to be able. The Letter of IBRE (FGV) of December argues these limitations, but it observes that the high tax of interests still propitiates a window of chance for the performance of the government. ' ' A more difficult question, however, is to know which the paper of one anticyclical politics of longer stated period for the Brazilian case independently of the debate on the capacity (or not) of Brazil to make anticyclical tax policy, the high level of real tax of interests indicates that it has much monetary armory to stimulate the economy, before if thinking about moving in the public expenses with this propsito' '. To exemplificar the practical difficulties that the government will face, it is enough to imagine some probable effect that the reductions of the IPI and the IOF they will have on the Brazilian automobile industry. Perhaps, during some time, these measures in recent years kept the high levels of production and sales of observed vehicles, but what it would make the government with regard to the fall of the exportations of the sector and with the impacts of the loss of collection on the public accounts? At the same time, the market of used cars is paralyzed, that is, certain problems correlatos hardly could total be decided only by governmental measures.