Not accepting investments(or regulating the inflow of dollars) sounds stupid. The role of insuring against forex volatility is up to entrepreneurs(skillful ones, who know how to trade futures).
Brazil has a lot of issues, the old exchange rate was visibly unsustainable. Too many taxes, professions are overtly regulated(meaning every service becomes more expensive), too many unions, cartels and other ways people find out to block new employees and maintain their satus quo.
It’s a catholic country that worships poverty and hates talent(intellectual, they love soccer players).
I would argue that Brazil reaps what it sows.