Estimating a Fiscal Reaction Function: The Case of Debt Sustainability in Brazil
This paper reviews recent trends in fiscal performance in Brazil, estimates fiscal reaction functions for the consolidated public sector and different levels of government, and tests for the sustainability of the public debt dynamics. The empirical analysis, based on monthly data for the period 1995...
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Paris
OECD Publishing
2005
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagwörter: | |
| Links: | https://doi.org/10.1787/556325773018 |
| Zusammenfassung: | This paper reviews recent trends in fiscal performance in Brazil, estimates fiscal reaction functions for the consolidated public sector and different levels of government, and tests for the sustainability of the public debt dynamics. The empirical analysis, based on monthly data for the period 1995-2004, suggests that all levels of government react strongly to changes in indebtedness by adjusting their primary budget surplus targets. In addition, the central government appears to follow a spend-and-tax policy: changes in revenue are affected strongly by expenditure, with about two-thirds of changes in primary spending being offset through higher revenue over the long term. Institutions are also found to matter for fiscal sustainability. The responsiveness of sub-national fiscal stance to indebtedness, as well as that of central government revenue to changes in primary spending, appears to have strengthened after 1998, when ceilings on indebtedness were introduced |
| Umfang: | 1 Online-Ressource (27 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/556325773018 |
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| indexdate | 2025-01-11T15:45:43Z |
| institution | BVB |
| language | English |
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| physical | 1 Online-Ressource (27 Seiten) 21 x 29.7cm |
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| publisher | OECD Publishing |
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| spellingShingle | de Mello, Luiz Estimating a Fiscal Reaction Function The Case of Debt Sustainability in Brazil Economics Brazil |
| title | Estimating a Fiscal Reaction Function The Case of Debt Sustainability in Brazil |
| title_alt | Estimation des fonctions de réaction budgétaire |
| title_auth | Estimating a Fiscal Reaction Function The Case of Debt Sustainability in Brazil |
| title_exact_search | Estimating a Fiscal Reaction Function The Case of Debt Sustainability in Brazil |
| title_full | Estimating a Fiscal Reaction Function The Case of Debt Sustainability in Brazil Luiz de Mello = Estimation des fonctions de réaction budgétaire : La soutenabilité de la dynamique de la dette publique au Brésil / Luiz de Mello |
| title_fullStr | Estimating a Fiscal Reaction Function The Case of Debt Sustainability in Brazil Luiz de Mello = Estimation des fonctions de réaction budgétaire : La soutenabilité de la dynamique de la dette publique au Brésil / Luiz de Mello |
| title_full_unstemmed | Estimating a Fiscal Reaction Function The Case of Debt Sustainability in Brazil Luiz de Mello = Estimation des fonctions de réaction budgétaire : La soutenabilité de la dynamique de la dette publique au Brésil / Luiz de Mello |
| title_short | Estimating a Fiscal Reaction Function |
| title_sort | estimating a fiscal reaction function the case of debt sustainability in brazil |
| title_sub | The Case of Debt Sustainability in Brazil |
| topic | Economics Brazil |
| topic_facet | Economics Brazil |
| url | https://doi.org/10.1787/556325773018 |
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