Abstract
Based on a Minskyian framework, this chapter analyzes how the COVID-19 crisis unfolded in Brazil and the measures adopted by the government to prevent its effects between March 2020 and March 2021. We conclude that liquidity measures adopted by Brazilian authorities contributed to avoid the financial instability morphing into a full-fledged crisis. However, the erratic support to business and households may not be sufficient to avoid a massive increase in financial fragility in the Brazilian economy.
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