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"This book is the result of long research, which started in early 1983 and aimed at examining Brazil's economic adjustment following the two oil shocks of 1973 and 1979. Most of the information and data used in this book was gathered in the period between 1983 and 1987. Therefore, the detailed analysis that this book contains on the economic policies and structural changes implemented in Brazil refers basically to the period between the first oil shock in 1973 and the collapse of the Cruzado Plan early in 1987."
Author : Donald V. Coes Publisher : World Bank Publications Page : 260 pages File Size : 36,33 MB Release : 1995 Category : Business & Economics ISBN : 9780821322994
World Bank Technical Paper No. 269. Water problems are emerging as the most compelling set of issues facing agricultural production in the 1990s. To address the policy challenges posed by this dilemma, this study focuses on the experience of the European Community (now the European Union, or EU) where high levels of nitrate, phosphate, and pesticides in surface and groundwater are a source of increasing concern. The author examines agricultural and water quality-related environmental policies at the EU and national levels, and discusses new policy approaches that attempt to integrate agricultural and environmental considerations. This study thus provides insights into policy options for controlling agricultural water pollution that might be useful in other parts of the world.
This paper examines the determinants and macroeconomic consequences of international financial flows on the Brazilian economy in the last twenty years. The main part of the paper analyzes the debt-accumulation process. The methodology consists of decomposing the change in the debt-GDP ratio and examining the behavior of the main components through time as a function of external shocks and policy actions. The second part of the paper discusses some more recent imbalances in the Brazilian economy that are in part the result of the still incomplete adjustment process in the wake of the debt crisis.
In 1994-98, Brazil's domestic debt grew very rapidly while remaining short in maturity. The main policy recommendations for managing this domestic debt situation: maintain a tighter fiscal stance and consider the use of inflation-linked bonds.
In The Politics of Public Debt Daniel Bin analyzes how fiscal and monetary policies and the administration of public debt related to class, labor, and democracy during the period of neoliberal financialization in Brazil. Sustained by state action, the politico-economic context allowed the establishment of a macroeconomic framework that favored finance capital. It was characterized by the expropriation of workers’ incomes through a system involving public debt and taxation, capable of deepening labor exploitation. Decisions about public debt and related policies are analyzed in terms of their implications for economic democracy. The book raises the hypothesis that the 2016 coup within the Brazilian capitalist state sought to overthrow the political forces that were no longer able to administer this model.
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 taxation. They analyze the use of the primary balance as a policy tool within the Drudi-Prati model, wherein the government uses the primary balance to reveal its commitment to service its debt. The authors verify that both the debt ratio and the primary balance are determinants of spreads and credit ratings in Brazil. But the relationship is nonlinear: the impact of the primary balance on spreads is amplified as the debt ratio increases. Using an Autoregressive Distributed Lag (ARDL) approach, the authors analyze the relationship between the primary balance and economic activity, finding a positive correlation in the long run. However, in the short run fiscal expansions are associated with primary balance reductions and vice-versa during output contractions, confirming the procyclical nature of fiscal policy in the short run. The authors use two approaches, ARDL and a cointegrating value at risk (VAR), to analyze the interaction between public expenditure composition and taxation on growth. Similar results are obtained: large elasticities of output with respect to capital stocks, a significant negative impact of taxation on long-run GDP, and a negative impact of increasing government consumption and transfer payments on GDP. These results shed light on the contribution of fiscal policy to disappointing growth performance in Brazil during the past decade.