Fiscal Sustainability and Monetary Versus Fiscal Dominance [electronic resource] : Evidence From Brazil, 1991-2000, Tanner, Evan.
- Washington, D.C. : International Monetary Fund, 2002.
- IMF eLibrary
IMF Working Papers; Working Paper No. 02/5.
IMF Working Papers; Working Paper No. 02/5
- Government document
1 online resource (30 p.)
- Local subjects:
- Account deficits.
Definition of seigniorage.
Fiscal policy rules.
Government budget constraint.
Nominal interest rate.
Real interest rate.
Real interest rates.
- Under a monetary dominant (MD) regime, the primary surplus adjusts to limit debt growth, permitting monetary policy to be conducted independently of fiscal financing requirements. In Brazil, some evidence favors an MD regime for 1995–97, but not for the decade of the 1990s as a whole. While fiscal adjustments of 1999 yielded a primary surplus of about 3 percent of GDP, consistent with solvency, a credible MD regime would require further adjustments of the primary surplus if debt increases, growth falls, or interest rates rise.
- Description based on print version record.
- Ramos, Alberto M.
- Other format:
- Print Version:
- Publisher Number:
- Access Restriction:
- Restricted for use by site license.
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