Brazil : Stability for Growth and Poverty Reduction
The importance of macroeconomic stability for growth, and poverty reduction is now accepted in Brazil. As of 1964, the country followed responsible macroeconomic policies, in the pursuit of stability, reconfirmed by the new Government in January 20...
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| Format: | Country Economic Memorandum |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2003/01/2170153/brazil-stability-growth-poverty-reduction http://hdl.handle.net/10986/14881 |
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okr-10986-14881 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
MACROECONOMIC STABILITY GROWTH PROMOTION POVERTY REDUCTION STRATEGIES RISK ASSESSMENT PUBLIC DEBTS FISCAL POLICY REFORM POLICY INTEREST RATES FISCAL ADJUSTMENTS FISCAL SUSTAINABILITY PUBLIC EXPENDITURES REVENUE MOBILIZATION SOCIAL SECTOR INVESTMENT DEBT MANAGEMENT FINANCIAL SECTOR REFORM BANKING SYSTEMS EXTERNAL DEBT FOREIGN DIRECT INVESTMENTS TRADE DEVELOPMENT PRODUCTIVITY GROWTH EXPORTS TRADE POLICY REFORM AUTOREGRESSION BANKING SECTOR BOND PRICES BONDS BORROWING BORROWING COSTS CAPITAL EXPENDITURES CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK COST OF CAPITAL CREDIT RATINGS CREDIT RATIONING CREDIT RISK DAMAGES DEBT DEBT AMORTIZATION DEBT BURDEN DEBT LEVEL DEBT MARKETS DEBT MATURITY DEBT REDUCTION DEBT RESTRUCTURING DEBT SERVICE DEBT STOCKS DEBT STRATEGY DEBT SUSTAINABILITY DEBT SWAPS DEFICITS DEVALUATION DIVIDENDS DOMESTIC DEBT DOMESTIC PUBLIC DEBT ECONOMIC ACTIVITY EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EMPLOYMENT EXCHANGE RATE EXCHANGE RATES EXPECTED VALUES EXPENDITURES EXPORT GROWTH EXPORTS EXTERNAL DEBT FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL TRANSACTIONS FISCAL BALANCE FISCAL MANAGEMENT FISCAL PERFORMANCE FISCAL POLICIES FISCAL POLICY FISCAL REFORMS FISCAL RESPONSIBILITY FISCAL SURPLUS FISCAL YEAR FIXED RATE SECURITIES FREE TRADE GDP GINI COEFFICIENT GOVERNMENT DEBT GOVERNMENT OBLIGATIONS GROSS DOMESTIC PRODUCT GROSS REVENUE GROWTH POLICIES GROWTH RATE IMPORTS INCOME INDEXATION INFLATION INSOLVENCY INSURANCE INTEREST RATES LABOR MARKETS LEGISLATION LENDING RATES LIQUIDITY LIVING STANDARDS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC SHOCKS MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMICS MANDATED EXPENDITURES MATURITIES MONETARY POLICY MUNICIPALITIES NATIONAL INCOME OPEN ECONOMIES PENSIONS POVERTY LINE PRICE CONTROLS PRIVATE SECTOR PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PROTECTIONISM PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC FINANCE MANAGEMENT PUBLIC INVESTMENTS PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR BORROWING REQUIREMENTS PUBLIC SECTOR WAGES PUBLIC SERVANTS PUBLIC SERVICES PUBLIC SPENDING REAL INTEREST RATE REAL WAGES RESOURCE ALLOCATION RISK AVERSION RISK FACTORS RISK PREMIUM SAVINGS SECURITIES SOCIAL SERVICES SOLVENCY TAX TAX RATES TAX REVENUES TERMS OF TRADE TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADE POLICIES UNEMPLOYMENT WILLINGNESS TO PAY YIELD CURVE |
| spellingShingle |
MACROECONOMIC STABILITY GROWTH PROMOTION POVERTY REDUCTION STRATEGIES RISK ASSESSMENT PUBLIC DEBTS FISCAL POLICY REFORM POLICY INTEREST RATES FISCAL ADJUSTMENTS FISCAL SUSTAINABILITY PUBLIC EXPENDITURES REVENUE MOBILIZATION SOCIAL SECTOR INVESTMENT DEBT MANAGEMENT FINANCIAL SECTOR REFORM BANKING SYSTEMS EXTERNAL DEBT FOREIGN DIRECT INVESTMENTS TRADE DEVELOPMENT PRODUCTIVITY GROWTH EXPORTS TRADE POLICY REFORM AUTOREGRESSION BANKING SECTOR BOND PRICES BONDS BORROWING BORROWING COSTS CAPITAL EXPENDITURES CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK COST OF CAPITAL CREDIT RATINGS CREDIT RATIONING CREDIT RISK DAMAGES DEBT DEBT AMORTIZATION DEBT BURDEN DEBT LEVEL DEBT MARKETS DEBT MATURITY DEBT REDUCTION DEBT RESTRUCTURING DEBT SERVICE DEBT STOCKS DEBT STRATEGY DEBT SUSTAINABILITY DEBT SWAPS DEFICITS DEVALUATION DIVIDENDS DOMESTIC DEBT DOMESTIC PUBLIC DEBT ECONOMIC ACTIVITY EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EMPLOYMENT EXCHANGE RATE EXCHANGE RATES EXPECTED VALUES EXPENDITURES EXPORT GROWTH EXPORTS EXTERNAL DEBT FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL TRANSACTIONS FISCAL BALANCE FISCAL MANAGEMENT FISCAL PERFORMANCE FISCAL POLICIES FISCAL POLICY FISCAL REFORMS FISCAL RESPONSIBILITY FISCAL SURPLUS FISCAL YEAR FIXED RATE SECURITIES FREE TRADE GDP GINI COEFFICIENT GOVERNMENT DEBT GOVERNMENT OBLIGATIONS GROSS DOMESTIC PRODUCT GROSS REVENUE GROWTH POLICIES GROWTH RATE IMPORTS INCOME INDEXATION INFLATION INSOLVENCY INSURANCE INTEREST RATES LABOR MARKETS LEGISLATION LENDING RATES LIQUIDITY LIVING STANDARDS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC SHOCKS MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMICS MANDATED EXPENDITURES MATURITIES MONETARY POLICY MUNICIPALITIES NATIONAL INCOME OPEN ECONOMIES PENSIONS POVERTY LINE PRICE CONTROLS PRIVATE SECTOR PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PROTECTIONISM PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC FINANCE MANAGEMENT PUBLIC INVESTMENTS PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR BORROWING REQUIREMENTS PUBLIC SECTOR WAGES PUBLIC SERVANTS PUBLIC SERVICES PUBLIC SPENDING REAL INTEREST RATE REAL WAGES RESOURCE ALLOCATION RISK AVERSION RISK FACTORS RISK PREMIUM SAVINGS SECURITIES SOCIAL SERVICES SOLVENCY TAX TAX RATES TAX REVENUES TERMS OF TRADE TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADE POLICIES UNEMPLOYMENT WILLINGNESS TO PAY YIELD CURVE World Bank Brazil : Stability for Growth and Poverty Reduction |
| geographic_facet |
Latin America & Caribbean Brazil |
| description |
The importance of macroeconomic
stability for growth, and poverty reduction is now accepted
in Brazil. As of 1964, the country followed responsible
macroeconomic policies, in the pursuit of stability,
reconfirmed by the new Government in January 2003. The
report focuses strictly on three key macroeconomic issues,
critical to assure stability, avoid crises, and hence allow
poverty reduction on a sustainable basis. Though much has
been achieved, stability, and higher growth in Brazil now
depend on reforms along three main axes: Structural fiscal
reforms, to allow flexible public spending towards a higher
primary surplus; moving towards a different public debt
composition; and, ensuring an external adjustment,
sustainable and in tandem with higher growth. The report
argues for reducing volatility, and uncertainty to achieve
sustainable growth, and poverty reduction, and, based on its
analysis, it further argues for a debt management strategy
that includes gradual lengthening of maturity, and duration
of debt; indexing more debt to prices, and reducing
indexation to policy interest rates, or the exchange rate;
issuing fixed-coupon instruments; and, making judicious use
of alternative financial instruments, in addition to
coordinating monetary policy, and public debt management, so
that reserve requirements may be lowered, leading to more
efficient cash markets. |
| format |
Economic & Sector Work :: Country Economic Memorandum |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Brazil : Stability for Growth and Poverty Reduction |
| title_short |
Brazil : Stability for Growth and Poverty Reduction |
| title_full |
Brazil : Stability for Growth and Poverty Reduction |
| title_fullStr |
Brazil : Stability for Growth and Poverty Reduction |
| title_full_unstemmed |
Brazil : Stability for Growth and Poverty Reduction |
| title_sort |
brazil : stability for growth and poverty reduction |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/01/2170153/brazil-stability-growth-poverty-reduction http://hdl.handle.net/10986/14881 |
| _version_ |
1764427893611429888 |
| spelling |
okr-10986-148812021-04-23T14:03:16Z Brazil : Stability for Growth and Poverty Reduction World Bank MACROECONOMIC STABILITY GROWTH PROMOTION POVERTY REDUCTION STRATEGIES RISK ASSESSMENT PUBLIC DEBTS FISCAL POLICY REFORM POLICY INTEREST RATES FISCAL ADJUSTMENTS FISCAL SUSTAINABILITY PUBLIC EXPENDITURES REVENUE MOBILIZATION SOCIAL SECTOR INVESTMENT DEBT MANAGEMENT FINANCIAL SECTOR REFORM BANKING SYSTEMS EXTERNAL DEBT FOREIGN DIRECT INVESTMENTS TRADE DEVELOPMENT PRODUCTIVITY GROWTH EXPORTS TRADE POLICY REFORM AUTOREGRESSION BANKING SECTOR BOND PRICES BONDS BORROWING BORROWING COSTS CAPITAL EXPENDITURES CAPITAL FLOWS CAPITAL MARKETS CENTRAL BANK COST OF CAPITAL CREDIT RATINGS CREDIT RATIONING CREDIT RISK DAMAGES DEBT DEBT AMORTIZATION DEBT BURDEN DEBT LEVEL DEBT MARKETS DEBT MATURITY DEBT REDUCTION DEBT RESTRUCTURING DEBT SERVICE DEBT STOCKS DEBT STRATEGY DEBT SUSTAINABILITY DEBT SWAPS DEFICITS DEVALUATION DIVIDENDS DOMESTIC DEBT DOMESTIC PUBLIC DEBT ECONOMIC ACTIVITY EMPIRICAL EVIDENCE EMPIRICAL RESEARCH EMPLOYMENT EXCHANGE RATE EXCHANGE RATES EXPECTED VALUES EXPENDITURES EXPORT GROWTH EXPORTS EXTERNAL DEBT FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL TRANSACTIONS FISCAL BALANCE FISCAL MANAGEMENT FISCAL PERFORMANCE FISCAL POLICIES FISCAL POLICY FISCAL REFORMS FISCAL RESPONSIBILITY FISCAL SURPLUS FISCAL YEAR FIXED RATE SECURITIES FREE TRADE GDP GINI COEFFICIENT GOVERNMENT DEBT GOVERNMENT OBLIGATIONS GROSS DOMESTIC PRODUCT GROSS REVENUE GROWTH POLICIES GROWTH RATE IMPORTS INCOME INDEXATION INFLATION INSOLVENCY INSURANCE INTEREST RATES LABOR MARKETS LEGISLATION LENDING RATES LIQUIDITY LIVING STANDARDS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC SHOCKS MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMICS MANDATED EXPENDITURES MATURITIES MONETARY POLICY MUNICIPALITIES NATIONAL INCOME OPEN ECONOMIES PENSIONS POVERTY LINE PRICE CONTROLS PRIVATE SECTOR PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PROTECTIONISM PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC FINANCE MANAGEMENT PUBLIC INVESTMENTS PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR BORROWING REQUIREMENTS PUBLIC SECTOR WAGES PUBLIC SERVANTS PUBLIC SERVICES PUBLIC SPENDING REAL INTEREST RATE REAL WAGES RESOURCE ALLOCATION RISK AVERSION RISK FACTORS RISK PREMIUM SAVINGS SECURITIES SOCIAL SERVICES SOLVENCY TAX TAX RATES TAX REVENUES TERMS OF TRADE TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADE POLICIES UNEMPLOYMENT WILLINGNESS TO PAY YIELD CURVE The importance of macroeconomic stability for growth, and poverty reduction is now accepted in Brazil. As of 1964, the country followed responsible macroeconomic policies, in the pursuit of stability, reconfirmed by the new Government in January 2003. The report focuses strictly on three key macroeconomic issues, critical to assure stability, avoid crises, and hence allow poverty reduction on a sustainable basis. Though much has been achieved, stability, and higher growth in Brazil now depend on reforms along three main axes: Structural fiscal reforms, to allow flexible public spending towards a higher primary surplus; moving towards a different public debt composition; and, ensuring an external adjustment, sustainable and in tandem with higher growth. The report argues for reducing volatility, and uncertainty to achieve sustainable growth, and poverty reduction, and, based on its analysis, it further argues for a debt management strategy that includes gradual lengthening of maturity, and duration of debt; indexing more debt to prices, and reducing indexation to policy interest rates, or the exchange rate; issuing fixed-coupon instruments; and, making judicious use of alternative financial instruments, in addition to coordinating monetary policy, and public debt management, so that reserve requirements may be lowered, leading to more efficient cash markets. 2013-08-07T20:33:25Z 2013-08-07T20:33:25Z 2003-01-31 http://documents.worldbank.org/curated/en/2003/01/2170153/brazil-stability-growth-poverty-reduction http://hdl.handle.net/10986/14881 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Country Economic Memorandum Economic & Sector Work Latin America & Caribbean Brazil |