Death was confirmed through a family statement; cause was not disclosed
The economist Francisco Lafaiete de Pádua Lopes, known as Chico Lopesdied this Friday (8), in Rio de Janeiro. Born in 1945, the former interim president of the Central Bank (BC) was hospitalized in Pró-Cardiac Hospital, in the Botafogo neighborhood.
The death was confirmed through a family statement. The health unit did not provide the cause.
“It is with deep regret that we announce the death of Chico Lopes, an economist with a remarkable career and one of the most respected names in Brazilian economic thought,” he says excerpt from the family statement.
“With a relevant role in the construction and debate of national economic policy, Chico Lopes made an important contribution to the country’s development, being recognized for his intelligence, intellectual firmness and dedication to Brazil over decades of work”, completes the message.
Banco Central
The economist had a degree from the Federal University of Rio de Janeiro (UFRJ), a master’s degree from the Graduate School of Economics at Fundação Getulio Vargas (FGV) and a doctorate from Harvard University, in the United States.
Chico Lopes was a professor at the Pontifical Catholic University of Rio de Janeiro (PUC Rio) and the University of Brasília (UnB), as well as founder of the consulting company Macrometrics.
Having worked at the Ministry of Finance (1987), the economist was director of the Central Bank from 1995 and 1998 and interim president in January and February 1999, during the government of President Fernando Henrique Cardoso (1995-2002).
At the time, Brazil was facing a currency crisis. Lopes was succeeded by Armínio Fraga and, in March of that year, left the BC.
In the short presidency, Chico Lopes experienced the transition from the exchange rate regime administered for the floating exchange rate (without rigid control) in Brazil. His time at the BC coincided with the controversy surrounding the operation to try to save the Marka and FonteCidam Banks, in difficulties due to the exchange rate of the dollar.
The operation resulted in losses for the BC. Lopes maintains that the actions were legal and wanted to avoid the collapse of institutions and a possible financial crisis. The rescue operation became the subject of a Parliamentary Commission of Inquiry, the CPI of the Financial System.
Weigh
By means of a note, the Central Bank reported that it received the news of the death with deep regret.
“Francisco Lopes dedicated decades of his intellectual life to facing the greatest macroeconomic challenge of his time: chronic Brazilian inflation in the 1980s and 1990s.”
The BC recalls that the economist’s “most lasting” contribution was the creation and institutionalization of the Monetary Policy Committee (Copom), the body that conducts the country’s monetary policy, “giving predictability, transparency and technical rigor to decisions on the basic interest rate [Selic]”.
For the BC, Chico Lopes “marked the history of Brazilian economic stabilization” and leaves the institution “a legacy of intelligence, intellectual boldness and dedication to the country”.
In 2019, the Central Bank published an autobiographical statementin an interview format, covering the economist’s personal, academic and professional trajectory. Click here to access.
Throughout his life, Chico Lopes participated in discussions about anti-inflationary plans, such as Cruzado and Bresser, and helped to consolidate Real.
“I believe that the creation of the Copom was fundamental for the consolidation of the Real, so that a monetary policy could actually be established. I said that it was necessary to have a ritual and that the meeting to define the interest rate should be recorded”, he said about the Copom.
Farewell
The wake will be held this Saturday (9) at Cemitério do Caju, in Rio de Janeiro. THE farewell ceremony begins at 1pm, and cremation is scheduled for 4pm.
Chico Lopes leaves behind his wife, Ciça Pugliese, to whom he was married for more than 40 years. He had three children and seven grandchildren.
