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Fiscal adjustment and non-financial expenditures of the public sector

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  • Rogério L. Furquim Werneck

Abstract

This paper presents an analysis of the present public-sector financial crisis inBrazil and the possible pathways to fiscal adjustment. It points out some important issuesinvolved in the design and implementation of the fiscal adjustment in the country which deservefurther research effort. The paper contains five sections. The first covers the origins ofthe financial crisis that has been faced by the public sector. The role of the fiscal adjustmentin both macroeconomic stabilization and growth resumption is analyzed in the second section.The third looks into the political economy of the fiscal adjustment, raising some issueswhich helps to understand the difficulties which have been hampering an adjustment of themagnitude that is required. In the fourth section distinct pathways to the fiscal adjustmentare explored, with emphasis on alternatives to the simple increase in the tax burden. The lastsection presents some final comments. JEL Classification: H63; H20.

Suggested Citation

  • Rogério L. Furquim Werneck, 1990. "Fiscal adjustment and non-financial expenditures of the public sector," Brazilian Journal of Political Economy, Center of Political Economy, vol. 10(1), pages 133-145.
    • Handle: RePEc:ekm:repojs:v:10:y:1990:i:1:p:133-145:id:1529
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1529/1515
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    More about this item

    Keywords

    Fiscal adjustment; public debt; public finance;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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