The Quality of Fiscal Adjustment and the Long-Run Growth Impact of Fiscal Policy in Brazil

The authors describe the main trends of Brazil's fiscal policy during the past decade and analyze (1) the ability to raise the primary surplus in response to external shocks, (2) the pro-cyclical nature of fiscal policy, and (3) the long-run impact of government expenditure composition and taxa...

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Bibliographic Details
Main Authors:	Blanco, Fernando, Herrera, Santiago
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2012
Subjects:	AIC ASSET PRICES AUTOMATIC STABILIZERS BALANCE SHEETS BORROWING BUDGET CONSTRAINT BUDGET CONSTRAINTS BUDGET PROCESS BUSINESS CYCLE CAPITA TERMS CAPITAL EXPENDITURES CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL SPENDING CAPITAL STOCK CASH FLOW CENTRAL BANK CREDIT RATINGS CURRENT EXPENDITURES CYCLICAL FISCAL POLICY DEBT CRISIS DEBT DYNAMICS DEBT RATIO DEBT RATIOS DEBT SERVICE DEBT SUSTAINABILITY DEPOSITS DOMESTIC DEBT DOMESTIC INTEREST RATES ECONOMIC POLICY ECONOMIC REFORM ECONOMIC REFORMS ECONOMIC SLOWDOWN ELASTICITIES ELASTICITY ERROR-CORRECTION TERM EXCHANGE RATE EXPENDITURES EXTERNAL FINANCING EXTERNAL SHOCKS FINANCIAL CRISES FINANCIAL TRANSACTIONS FISCAL ACCOUNTS FISCAL ADJUSTMENT FISCAL ADJUSTMENT EFFORT FISCAL BALANCE FISCAL BALANCES FISCAL CONDITIONS FISCAL DISCIPLINE FISCAL DISEQUILIBRIA FISCAL EXPANSION FISCAL EXPANSIONS FISCAL IMBALANCE FISCAL IMPACT FISCAL OUTCOMES FISCAL POLICY FISCAL REFORM FISCAL RESULTS FISCAL STABILITY FISCAL STANCE FISCAL SUSTAINABILITY FISCAL SYSTEM FISCAL VARIABLES FORECASTS FUTURE VALUE GDP GDP PER CAPITA GOVERNMENT ACCOUNTS GOVERNMENT BONDS GOVERNMENT CONSUMPTION GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURE COMPOSITION GOVERNMENT SPENDING GOVERNMENT SUBSIDIES GROWTH RATE HEALTH SERVICES HIGHER INTEREST HIGHER INTEREST PAYMENTS INDEXATION INFLATION INFLATION RATE INSURANCE INTEREST PAYMENTS INTEREST RATE INTERGOVERNMENTAL TRANSFERS INTERNATIONAL RESERVES LEGAL FRAMEWORK LIQUIDITY LOCAL GOVERNMENTS MANDATORY SPENDING MONETARY AUTHORITIES MONETARY EXPANSION MONETARY IMPACT MONETARY POLICY MONEY CREATION MUNICIPALITIES MUTUAL FUND NATIONAL ACCOUNTS NATIONAL INCOME NEGATIVE REAL INTEREST RATES NET WORTH NOMINAL EXCHANGE RATE OPEN MARKET OPERATIONS OPERATIONAL BALANCE PERSONNEL EXPENDITURES PRESENT VALUE PRESENT VALUE OF DEBT PRICE CONTROLS PRIMARY BALANCE PRIMARY EXPENDITURE PRIMARY SURPLUS PRIVATE SECTOR PROBABILITY OF DEFAULT PRODUCTION FUNCTION PUBLIC CAPITAL PUBLIC CONSUMPTION PUBLIC DEBT PUBLIC EMPLOYEES PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURE COMPOSITION PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC SECTOR PUBLIC SECTOR DEFICITS PUBLIC SECTOR EMPLOYEES PUBLIC SPENDING REAL INTEREST RATE REAL INTEREST RATES REAL TERMS REVENUE INCREASES REVENUE RATIO RISK AVERSION RISK PREMIUM SAVINGS SIGNALING SOCIAL ASSISTANCE SOCIAL CONTRIBUTIONS SOCIAL SECURITY SOCIAL SECURITY SYSTEM SOCIAL SERVICES SOFT BUDGET CONSTRAINTS SOVEREIGN RISK STATE GOVERNMENTS TAX TAX BURDEN TAX RATIO TAX REFORM TAX REVENUE TAX REVENUES TAXATION TIGHT MONETARY POLICY TOTAL EXPENDITURE TOTAL REVENUE TRANSFER PAYMENTS TRANSPARENCY UNCERTAINTY UNEMPLOYMENT
Online Access:	http://documents.worldbank.org/curated/en/2006/09/7036384/quality-fiscal-adjustment-long-run-growth-impact-fiscal-policy-brazil http://hdl.handle.net/10986/9299

Internet

http://documents.worldbank.org/curated/en/2006/09/7036384/quality-fiscal-adjustment-long-run-growth-impact-fiscal-policy-brazil
http://hdl.handle.net/10986/9299

The Quality of Fiscal Adjustment and the Long-Run Growth Impact of Fiscal Policy in Brazil

Internet

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