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The fiscal crisis: what happened recently?

Author

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  • Fabio Giambiagi

Abstract

This article updates the discussion of the fiscal situation of the central governmentin Brazil. It is shown that, between 1988 and 1995, the National Treasury revenuesincreased almost 3% of the GDP. Consequently, during 1990-1995, the central governmentexhibited a fiscal equilibrium, a better result than the average deficit of 2.8% of GDP observedin 1985-1989. Despite these numbers, some problems of the current situation of thefiscal accounts are highlighted and the increasing weight of the wages and Social Securityexpenditures, (a) which together jumped from 47% to 60% of the revenues between 1988and 1995, (b) is pointed out as the most important reason for the budget constraint of themajority of the ministries. JEL Classification: E62.

Suggested Citation

  • Fabio Giambiagi, 1997. "The fiscal crisis: what happened recently?," Brazilian Journal of Political Economy, Center of Political Economy, vol. 17(1), pages 65-85.
    • Handle: RePEc:ekm:repojs:v:17:y:1997:i:1:p:65-85:id:1158
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1158/1143
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    More about this item

    Keywords

    Fiscal policy; public debt; budget; public expenditure;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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