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Fiscal Sustainability and Monetary Versus Fiscal Dominance

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  • Evan Tanner
  • Alberto M. Ramos

Abstract

Under a monetary dominant (MD) regime, the primary surplus adjusts to limit debt growth, permitting monetary policy to be conducted independently of fiscal financing requirements. In Brazil, some evidence favors an MD regime for 1995–97, but not for the decade of the 1990s as a whole. While fiscal adjustments of 1999 yielded a primary surplus of about 3 percent of GDP, consistent with solvency, a credible MD regime would require further adjustments of the primary surplus if debt increases, growth falls, or interest rates rise.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/5.

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Length: 30
Date of creation: 01 Jan 2002
Date of revision:
Handle: RePEc:imf:imfwpa:02/5

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Cited by:
  1. Carlos De Resende & Nooman Rebei, 2008. "The Welfare Implications of Fiscal Dominance," Working Papers, Bank of Canada 08-28, Bank of Canada.
  2. Obinyeluaku, Moses & Viegi, Nicola, 2009. "How does fiscal policy affect monetary policy in the Southern African Community (SADC)?," MPRA Paper 15372, University Library of Munich, Germany.

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