Sustainability of Brazilian fiscal policy, once again: corrective policy response over time

This paper estimates a fiscal reaction function for Brazil and investigates how the government´s fiscal reaction has changed over time when controlling for cyclical variations in output and the relative participation of indexed debt. Using monthly data since 1991, we estimate a rolling reaction fun...

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Autor principal:	Viviane Luporini
Formato:	article
Lenguaje:	EN PT
Publicado:	Universidade de São Paulo 2015
Materias:	função de reação fiscal sustentabilidade fiscal Brasil Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/c42da593986746ae8ba7ab16b3cdae86
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spelling	oai:doaj.org-article:c42da593986746ae8ba7ab16b3cdae862021-11-24T16:03:34ZSustainability of Brazilian fiscal policy, once again: corrective policy response over time0101-41611980-5357https://doaj.org/article/c42da593986746ae8ba7ab16b3cdae862015-06-01T00:00:00Zhttps://www.revistas.usp.br/ee/article/view/56353https://doaj.org/toc/0101-4161https://doaj.org/toc/1980-5357 This paper estimates a fiscal reaction function for Brazil and investigates how the government´s fiscal reaction has changed over time when controlling for cyclical variations in output and the relative participation of indexed debt. Using monthly data since 1991, we estimate a rolling reaction function with a one observation step and a sample-window of 12 observations. Our results indicate that the government´s fiscal response has been such that a one percent increase in the debt-GDP ratio can be associated to an average increase in the primary surplus of approximately 0.096% over GDP or 9.6 basis points; the government´s fiscal reaction has become more stable but less responsive to the debt-income level after 2000 and assumed a declining trend after 2006. Viviane LuporiniUniversidade de São Pauloarticlefunção de reação fiscalsustentabilidade fiscalBrasilEconomics as a scienceHB71-74ENPTEstudos Econômicos, Vol 45, Iss 2 (2015)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	função de reação fiscal sustentabilidade fiscal Brasil Economics as a science HB71-74
spellingShingle	função de reação fiscal sustentabilidade fiscal Brasil Economics as a science HB71-74 Viviane Luporini Sustainability of Brazilian fiscal policy, once again: corrective policy response over time
description	This paper estimates a fiscal reaction function for Brazil and investigates how the government´s fiscal reaction has changed over time when controlling for cyclical variations in output and the relative participation of indexed debt. Using monthly data since 1991, we estimate a rolling reaction function with a one observation step and a sample-window of 12 observations. Our results indicate that the government´s fiscal response has been such that a one percent increase in the debt-GDP ratio can be associated to an average increase in the primary surplus of approximately 0.096% over GDP or 9.6 basis points; the government´s fiscal reaction has become more stable but less responsive to the debt-income level after 2000 and assumed a declining trend after 2006.
format	article
author	Viviane Luporini
author_facet	Viviane Luporini
author_sort	Viviane Luporini
title	Sustainability of Brazilian fiscal policy, once again: corrective policy response over time
title_short	Sustainability of Brazilian fiscal policy, once again: corrective policy response over time
title_full	Sustainability of Brazilian fiscal policy, once again: corrective policy response over time
title_fullStr	Sustainability of Brazilian fiscal policy, once again: corrective policy response over time
title_full_unstemmed	Sustainability of Brazilian fiscal policy, once again: corrective policy response over time
title_sort	sustainability of brazilian fiscal policy, once again: corrective policy response over time
publisher	Universidade de São Paulo
publishDate	2015
url	https://doaj.org/article/c42da593986746ae8ba7ab16b3cdae86
work_keys_str_mv	AT vivianeluporini sustainabilityofbrazilianfiscalpolicyonceagaincorrectivepolicyresponseovertime
_version_	1718414899214811136

Sustainability of Brazilian fiscal policy, once again: corrective policy response over time

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