The Role of the Service Sector in Brazil, Mexico and the USA
Appendix C: Exchange Rates and Prices
Appendix C: Exchange Rates and Prices EXCHANGE RATES Brazil Exchange rates of 1889, 1900 and 1938-80 fiom Maddison et al. (1992, pp. 2 15-17). 1913-37 from Goldsmith (1 986, p. 180). 1980-9 1 from Baer (1 995, pp. 392-93); 1992-97 fiom IMF, International Financial Statistics (various issues). From 1953 to 1966 Brazil had a system of multiple exchange rates. The 1955-57 rates were an average of the different prevailing rates; the 1953-54 and 1958-66 rates correspond to the fiee rates (Maddison and Associates, 1992). Brazil has changed its currency various times. On 31 October 1942 the milreis was replaced by the old cruzeiro. In 1967 the new cruzeiros, equal to 1,000 old cruzeiros, were introduced. On 28 February 1986 the cruzado, equal to 1,000 new cruzeiros, was introduced. On 15 January 1989 the new cruzado, equal to 1,000 old cruzados, was introduced. On 16 March 1990 the cruzeiro replaced the new cruzado at a rate of one new cruzado for one cruzeiro. On 1 August 1993, the cruzeiro Real, equal to 1,000 cruzeiros, was introduced. On 1 July 1994 the real replaced the cruzeiro real at a rate of 2,750 cruzeiro reis for one real. Mexico The pesos/US$ exchange rate for 1 82 1-1 992 from INEGI (1 994b); 1992-97 fiom IMF, International Financial Statistics (various issues). On 1 January 1993 the new peso, equal to 1,000 old pesos, was introduced. PRICE DEFLATORS BY SECTOR OF THE ECONOMY The evolution of prices by sector...
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