Plano real, privatiza？？o dos bancos estaduais e reelei？？o

this article attempts to explain the changes in brazilian federative relations, occurred in the first government of fernando henrique cardoso. according to the literature above federalism, during the process of democratization the state governors have become an important players, acquiring extensive power from veto points on the federal executive branch, specially designed to control in case of economic crisis. however, the cardoso government was able to stabilize the economy and recenter part of federative relations. how was this possible? the hypothesis of this study is that the difficulties brought by the real plan, the rules of the of state debts and re-election to executive positions, changed the preferences of state political elites, making it attractive to state governors for the privatization of state financial institutions which, in the end, allowed the federal government recenter part of the brazilian federal relations.