000			02913nam a2200337 a 4500
005			20181210070930.0
007			cr |||||||||||
008			060906s2006 dcu sb i000 0 eng
010			_a 2006618509
040			_aDLC _cDLC _dBD-DhBPA
050	0	0	_aHG3881.5.W57
082			_a339.520981 _bBLQ 2006
100	1		_aBlanco, Fernando. _9108770
245	1	4	_aThe quality of fiscal adjustment and the long-run growth impact of fiscal policy in Brazi /l _cFernando Blanco and Santiago Herrera.
260			_aWashington, D.C. : _bWorld Bank, _c2006
300			_a41 p. ; _c23 cm.
490	1		_aPolicy research working paper ; _v4004
500			_aTitle from PDF file as viewed on 9/6/2006.
504			_aIncludes bibliographical references.
520	3		_a"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. "--World Bank web site.
530			_aAlso available in print.
538			_aSystem requirements: Adobe Acrobat Reader.
538			_aMode of access: World Wide Web.
590			_aZahid
650		0	_aFiscal policy _zBrazil. _9108771
651		0	_aBrazil _xAppropriations and expenditures. _9108772
700	1		_aHerrera, Santiago. _9108773
710	2		_aWorld Bank. _9108774
830		0	_aPolicy research working papers (Online) ; _v4004. _9108775
942			_2ddc _cBK
999			_c37857 _d37857