The Role of Fiscal and Monetary Policies in the Brazilian Economy: Understanding Recent Institutional Reforms and Economic Changes
15 Pages Posted: 16 Dec 2016
Date Written: 2016
Abstract
Monetary and fiscal institutions have played a decisive role in the stabilisation of the Brazilian economy since the mid-1990s. In Brazil institutional reforms were predominantly made in response to a succession of internal and, particularly, external crises. Brazil's experience of designing and managing institutions to this end is likely to be of interest to other emerging and low- or middle-income economies. As such, the Brazilian experience offers many lessons to be learned, both in the sense of what could be done and what is better avoided.
Keywords: Fiscal policy; Monetary policy; Brazilian economy; Macroeconomic stability; Inflation; Fiscal responsibility
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