$Unique_ID{bob00151} $Pretitle{} $Title{Brazil Glossary} $Subtitle{} $Author{Eugene K. Keefe} $Affiliation{HQ, Department of the Army} $Subject{international countries ibrd loans payments } $Date{1982} $Log{} Title: Brazil Book: Brazil, A Country Study Author: Eugene K. Keefe Affiliation: HQ, Department of the Army Date: 1982 Glossary captaincies-Major territorial divisions of early period; consisted of huge land grants by Portuguese crown to favored individuals. carioca-Native of the city of Rio de Janeiro; also used in reference to culture of that city. cruzeiro (Cr$)-The national currency consisting of 100 centavos. Since August 1968 Brazil's monetary authorities have followed a flexible exchange rate policy in which the cruzeiro is adjusted by small amounts at frequent intervals-often every week or two. The adjustments take into account the movement of prices in Brazil relative to those in its main trading partners, the level of foreign exchange reserves, export results, and the country's balance of payments. In December 1979 the authorities devalued the cruzeiro by about 30 percent because a lag in mini-devaluations had caused the currency to become overvalued. Because of the frequent devaluations, an average rate for a year, as published by the International Monetary Fund (IMF-q.v.) in the monthly International Financial Statistics, is often the best way to convert between cruzeiros and dollars. The average rates in recent years of cruzeiros per US$1 were as follows: 8.13 in 1975, 10.67 in 1976, 14.14 in 1977, 18.07 in 1978, 26.94 in 1979, 52.71 in 1980, 93.12 in 1981, and 179.51 in 1982. favela-The jerry-built squatter settlement on the fringes of Rio de Janeiro. These suburban shantytowns have other names in other major cities, but the term favela is recognized as descriptive of all. favelados-Dweller in a favela (q.v.). fazenda-A large agricultural estate. Originally, the Portuguese equivalent of the hacienda of Spanish America, characterized by a personalized patron-worker relationship. The term has come to apply to almost any agricultural landholding of more than a few hectares without regard to the kind, organization, or utilization of the property. fiscal year-Coincides with calendar year. gaucho-Literally, a cowboy of the southern plains region, but more frequently used to designate a native of Rio Grande do Sul. gross domestic product (GDP)-A value measure of the flow of domestic goods and services produced by an economy over a period of time, such as a year. Only output values of goods for final consumption and investment are included because the values of primary and intermediate production are assumed to be included in final prices. GDP is sometimes aggregated and shown at market prices, meaning that indirect taxes and subsidies are included; when these have been eliminated, the result is GDP at factor cost. The word gross indicates that deductions for depreciation of physical assets have not been made. See also gross national product. gross national product (GNP)-Gross domestic product (GNP-q.v.) plus the net income or loss stemming from transactions with foreign countries. For Brazil, GNP is usually somewhat less than GDP because of factor payments abroad. GNP is the broadest measure of the output of goods and services by an economy. It can be calculated at market prices, which include indirect taxes and subsidies. Because indirect taxes and subsidies are only transfer payments, GNP is often calculated at factor cost by removing indirect taxes and subsidies. International Monetary Fund (IMF)-Established along with the World Bank (q.v.) in 1945, the IMF is a specialized agency affiliated with the United Nations and is responsible for stabilizing international exchange rates and payments. The main business of the IMF is the provision of loans to its members (including industrialized and developing countries) when they experience balance of payments difficulties. These loans frequently carry conditions that require substantial internal economic adjustments by the recipients, most of which are developing countries. In late 1982 the IMF had 146 members. mineiro-Literally, miner. A native of Minas Gerais. municipio-Administrative unit corresponding to a country in the United States system. It is the principal subdivision of the state and consists of a population center and its immediate surrounding territory. pardo-Literally, brown. An official census classification referring to brown-skinned people, including blacks, Indians, or those of black, white, or Indian mixture. parentela-Complete network of kinsmen; extended kin group. paulista-A native of Sao Paulo, but specifically of the city. preto-Literally, black. An official census classification and vernacular term applied to blacks and their physical types. sertao-A subregion of the Northeast. The term is used generally to describe any isolated and little-developed hinterland interior. In Brazil it applies specifically to the arid interior of the Northeast. vaqueiro-Cowboy of the Northeast. World Bank-Informal name used to designate a group of three affiliated international institutions, the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), and the International Finance Corporation (IFC). The IBRD, established in 1945, has the primary purpose of providing loans to developing countries for productive projects. The IDA, a legally separate loan fund but administered by the staff of the IBRD, was set up in 1960 to furnish credits to the poorest developing countries on much easier terms than those of conventional IBRD loans. The IFC, founded in 1956, supplements the activities of the IBRD through loans and assistance designed specifically to encourage the growth of productive enterprises in the less developed countries. The president and certain senior officers of the IBRD hold the same positions in the IFC. The three institutions are owned by the governments of the countries that subscribe their capital. In 1982 the IBRD had over 140 members, the IDA had 130, and the IFC over 120. To participate in the World Bank group, member states must first belong to the International Monetary Fund. (IMF-q.v.).