Since the military coup d'état in 1964 Brazil has experienced a period of almost uninterrupted inflation measured in tens and sometimes hundreds of per cent per year. In this book, originally published in 1991, Vincent Parkin sets out to explain the nature and causes of chronic inflation in middle-income developing countries by focusing on the Brazilian experience. He rejects the monetarist explanation for inflation and argues instead that the relationship between money and inflation is seldom clear-cut. The book will be of interest to all economists concerned with inflation and Latin America.