Word: crediters
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Dates: during 1960-1969
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...First Credit Play...
...council naturally gave much of the credit for continued prosperity to "constructive government policies," but it bore down heavily on a factor that has been a largely unsung hero of the expansion: the remarkable price stability of the last four years, which the council called "basic to the success of this expansion." Wholesale prices have remained virtually stable for 50 months, and the prices of industrial goods have remained within 1% of 1961 levels...
...severe shortage of capital. Taking advantage of this situation, Brazil's revolutionary government is trying to use one problem as the bait for solving another-hoping that way to solve them both. In an ingenious carrot-and-stick proposition, it is offering a better shot at government credit to companies that hold the price line until the end of the year, giving little chance of badly needed credit to those that keep raising prices...
...Paulo's prestigious Automobile Club last fall, Economics Minister Roberto Campos and Texas Economist Benjamin Higgins, a special adviser to the Brazilian government, heard several businessmen say that they would agree to curb prices if, in return, they could get a promise of government "fiscal and credit incentives." Higgins went for the anti-inflation plan, persuaded Campos to accept it. More than 750 companies have already volunteered to abide by it, including nearly all the auto, cement, drug and steel manufacturers...
Known as Portaria 71 after the government decree that set it up, the plan not only provided credit incentives but established a new agency called the National Commission to Encourage the Stabilization of Prices (CONEP) to get the operation going, placed it under the direction of Guilherme Borghoff, one of Campos' chief aides. To set an example, the government barred price increases by such state-owned enterprises as the Volta Redonda steelworks, whose prices soared 148% last year. Though businessmen yelped when Campos raised taxes and suggested that they trim profit margins, they lined up to take the price...