The "hot money" phenomenon in Brazil. Because of its high interest rates, Brazil attracts more and more speculative capital flows, called "hot money", under the form of foreign loans, direct or portfolio investments. Actually, the country is directly involved in a carry-trade strategy that tends to appreciate the real, what penalizes the Brazilian exportations of manufactured products. Moreover, capital inflows are extremely volatile, and their departure, causing a fall in loans granted to the Brazilian private banks, could provoke a dangerous burst of the speculative bubble they have contributed to form in the Brazilian real estate sector. Keywords: Brazil; carry-trade ; capital inflows; speculative bubbles.

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Medical officials in Rio de Janeiro and at least four other major cities have warned that their hospital systems are on the verge of collapse, or are already too overwhelmed to take any more patients. Health experts expect the number of infections in the country of million people will be much higher than what has been reported because of insufficient, delayed testing. Meanwhile, President Jair Bolsonaro has shown no sign of wavering from his insistence that COVID is a relatively minor disease and that broad social-distancing measures are not needed to stop it.

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