In the 2018 presidential election campaign, Brazilian markets saw their favored mainstream right and center-right candidates fall far by the wayside. The choice that remained was between Fernando Haddad of the center-left Workers’ Party and the outsider Jair Bolsonaro — who, crucially, had Chicago School economist Paulo Guedes in tow as his future finance tsar.
Promises of an ultra-liberal agenda and myriad privatizations made the decision fairly straightforward for the markets, which helped push Messrs. Bolsonaro and Guedes over the finish line. But the government has delivered very little and has been a source of instability for the Brazilian economy.
So what keeps market agents from turning on Bolsonaro?
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