Abstract
Controlling the public sector deficit is critically important for the formulation and implementation of macroeconomic policy in Brazil. At one level, the deficit2 has become a key variable for the assessment of the stance and effectiveness of economic policy by international organizations, foreign lenders and investors and domestic agents. At another level, it is often claimed that lower deficits are essential for intertemporal macroeconomic stability in the country. In this context, the public sector borrowing requirement (PSBR) has become increasingly relevant.
This is a revised and updated version of Morais and Saad-Filho (2005).
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References
Banco Central do Brazil (BCB) (2000) Manual de Finanças Públicas, Brasília: BCB.
Brazil and IMF (2002) Memorando de Entendimento Técnico, http://www.fazenda.gov.br/portugues/fmi/fm imtel2.pdf.
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Giambiagi, F. (1997) Necessidade de Financiamento do Setor Publico: Bases para a Discussäo do Ajuste Fiscal no Brasil — 1991/96. Textos para Discussäo BNDES no. 53, Rio de Janeiro.
International Monetary Fund (IMF) (1986) A Manual of Government Financial Statistics. Washington: IMF.
Morais, L. and Saad-Filho, A. (2005) ‘Impactos Näo-Fiscais no Cálculo da Necessidade de Financiamento do Setor Publico no Brazil’, Ensaios FEE 26 (1), 2005, 415–40.
Saad-Filho, A. and Morais, L. (2000) The Costs of Neomonetarism: The Brazilian Economy in the 1990s. London: South Bank University Business School.
Tanzi, V. (1999) ‘Mensuração do Déficit Público’, in: M. Blejer and A. Cheasty (eds.) Como Medir a Inflação: Questöes Analíticas e Metodológicas. Brasilia: Secretaria do Tesouro Nacional.
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© 2007 Lecio Morais, Alfredo Saad-Filho
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Morais, L., Saad-Filho, A. (2007). Disentangling Policy and Politics: Non-Fiscal Implications of the Calculation of the PSBR in Brazil. In: Arestis, P., Saad-Filho, A. (eds) Political Economy of Brazil. Palgrave Macmillan, London. https://doi.org/10.1057/9780230390102_10
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DOI: https://doi.org/10.1057/9780230390102_10
Publisher Name: Palgrave Macmillan, London
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