Template-type: ReDIF-Article 1.0 Author-Name: Júnior, Cid de Oliva Botelho Title: A crise cambial do encilhamento: algumas observações sobre a interpretação de Celso Furtado Abstract: This is a study about exchange crisis in the beginning of Republic. Is shows the relation between credit expansion and mil-réis overshooting. Furtado´s analysis is incorrect to explain this event. This paper concludes the capital account adverse behavior Classification-JEL: N16. Keywords: Encilhamento, Payments balance; Exchange rate Pages: 20 Volume: 21 Year: 2003 Month: 12 File-URL: https://www.eco.unicamp.br/images/arquivos/artigos/562/07-Botelho.pdf File-Format: Application/pdf Handle: RePEc:euc:ancoec:v:21:y:2003:p:275-294