COMMENT.

The article presents comments of the author on the article "Brazilian Stabilization Program, 1964-66," by Alexandre Kafka. His paper represents an important contribution both to the literature on monetary problems in developing countries and to the economic history of Brazil. One of the more encouraging developments in Brazil and other countries is the extent to which first-rate technicians are playing a major role in policy formation. Kafka's paper indicates an awareness of how monetary policy must be made to fit in with all other economic policies. Although essentially a monetary economist-or what in the current vernacular would be called a monetarist, in approach, Kafka clearly understands that monetary policy does not exist in a vacuum and that the aim of economic policy cannot be defined in monetary terms alone.