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Brazil: 2020 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Brazil

Brazil: 2020 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Brazil »

Source: Brazil : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2020/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

ISBN: 9781513562674

Keywords: Public debt, Expenditure, Labor, Income, Labor markets, ISCR, CR, inflation expectation, reform agenda, liability positions vis-à-vis nonresident

The COVID-19 pandemic has worsened Brazil's longstanding vulnerabilities of low potential growth, high income inequality, and weak fiscal position. While the authorities mounted a rapid and effective response to su...

Brazil: Staff Report for the 2020 Article IV Consultation—Debt Sustainability Analysis

Brazil: Staff Report for the 2020 Article IV Consultation—Debt Sustainability Analysis »

Source: Brazil : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2020/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

ISBN: 9781513562674

Keywords: Public debt, Expenditure, Labor, Income, Labor markets, ISCR, CR, inflation expectation, reform agenda, liability positions vis-à-vis nonresident

The COVID-19 pandemic has worsened Brazil's longstanding vulnerabilities of low potential growth, high income inequality, and weak fiscal position. While the authorities mounted a rapid and effective response to su...

Brazil: Staff Report for the 2020 Article IV Consultation—Informational Annex

Brazil: Staff Report for the 2020 Article IV Consultation—Informational Annex »

Source: Brazil : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2020/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

ISBN: 9781513562674

Keywords: Public debt, Expenditure, Labor, Income, Labor markets, ISCR, CR, inflation expectation, reform agenda, liability positions vis-à-vis nonresident

The COVID-19 pandemic has worsened Brazil's longstanding vulnerabilities of low potential growth, high income inequality, and weak fiscal position. While the authorities mounted a rapid and effective response to su...

IMF Executive Board Concludes 2020 Article IV Consultation with Brazil

IMF Executive Board Concludes 2020 Article IV Consultation with Brazil »

Source: Brazil : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2020/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

ISBN: 9781513562674

Keywords: Public debt, Expenditure, Labor, Income, Labor markets, ISCR, CR, inflation expectation, reform agenda, liability positions vis-à-vis nonresident

The COVID-19 pandemic has worsened Brazil's longstanding vulnerabilities of low potential growth, high income inequality, and weak fiscal position. While the authorities mounted a rapid and effective response to su...

Brazil
			: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Brazil : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil »

Volume/Issue: 2020/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

DOI: http://dx.doi.org/10.5089/9781513562674.002

ISBN: 9781513562674

Keywords: Public debt, Expenditure, Labor, Income, Labor markets, ISCR, CR, inflation expectation, reform agenda, liability positions vis-à-vis nonresident

The COVID-19 pandemic has worsened Brazil's longstanding vulnerabilities of low potential growth, high income inequality, and weak fiscal position. While the authorities mounted a rapid and effective response to su...

Statement by Mr. Bevilaqua on Brazil November 25, 2020

Statement by Mr. Bevilaqua on Brazil November 25, 2020 »

Source: Brazil : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2020/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

ISBN: 9781513562674

Keywords: Public debt, Expenditure, Labor, Income, Labor markets, ISCR, CR, inflation expectation, reform agenda, liability positions vis-à-vis nonresident

The COVID-19 pandemic has worsened Brazil's longstanding vulnerabilities of low potential growth, high income inequality, and weak fiscal position. While the authorities mounted a rapid and effective response to su...

Financial Frictions and Firm Informality: A General Equilibrium Perspective1

Financial Frictions and Firm Informality: A General Equilibrium Perspective1 »

Source: Financial Frictions and Firm Informality: A General Equilibrium Perspective

Volume/Issue: 2020/211

Series: IMF Working Papers

Author(s): Luis Franjo , Nathalie Pouokam , and Francesco Turino

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557809

Keywords: Self-employment, Tax evasion, Financial frictions, Credit, Informal economy, WP, informal firm, firms informality, survival firm, ghost firm

In this paper we build a model of occupational choice with informal production and progressive income taxation. We calibrate the model to the Brazilian economy to evaluate the impact of removing financial frictions...

Financial Frictions and Firm Informality: A General Equilibrium Perspective

Financial Frictions and Firm Informality: A General Equilibrium Perspective »

Volume/Issue: 2020/211

Series: IMF Working Papers

Author(s): Luis Franjo , Nathalie Pouokam , and Francesco Turino

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

DOI: http://dx.doi.org/10.5089/9781513557809.002

ISBN: 9781513557809

Keywords: Self-employment, Tax evasion, Financial frictions, Credit, Informal economy, WP, informal firm, firms informality, survival firm, ghost firm

In this paper we build a model of occupational choice with informal production and progressive income taxation. We calibrate the model to the Brazilian economy to evaluate the impact of removing financial frictions...

Brazil
			: Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level

Brazil : Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level »

Volume/Issue: 192020/227

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

Language: Portuguese

DOI: http://dx.doi.org/10.5089/9781513555997.002

ISBN: 9781513555997

The fiscal challenges of Brazil's states and municipalities can have a significant impact on the economy and the provision of core public services. The subnational governments (SNGs) account for a large share of pu...

Brasil: Relatório de assistência técnica — fortalecimento da responsabilidade fiscal na esfera subnacional

Brasil: Relatório de assistência técnica — fortalecimento da responsabilidade fiscal na esfera subnacional »

Source: Brazil : Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level

Volume/Issue: 192020/227

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

Language: Portuguese

ISBN: 9781513555997

The fiscal challenges of Brazil's states and municipalities can have a significant impact on the economy and the provision of core public services. The subnational governments (SNGs) account for a large share of pu...

Brazil: Technical Assistance Report—Strengthening Fiscal Responsibility at The Subnational Level

Brazil: Technical Assistance Report—Strengthening Fiscal Responsibility at The Subnational Level »

Source: Brazil : Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level

Volume/Issue: 192020/227

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

ISBN: 9781513551760

The fiscal challenges of Brazil's states and municipalities can have a significant impact on the economy and the provision of core public services. The subnational governments (SNGs) account for a large share of pu...

Brazil
			: Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level

Brazil : Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level »

Volume/Issue: 192020/227

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

DOI: http://dx.doi.org/10.5089/9781513551760.002

ISBN: 9781513551760

The fiscal challenges of Brazil's states and municipalities can have a significant impact on the economy and the provision of core public services. The subnational governments (SNGs) account for a large share of pu...

Social Programs and Formal Employment: Evidence from the Brazilian Bolsa Família Program

Social Programs and Formal Employment: Evidence from the Brazilian Bolsa Família Program »

Volume/Issue: 2020/99

Series: IMF Working Papers

Author(s): Anna Fruttero , Alexandre Ribeiro Leichsenring , and Luis Henrique Paiva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 June 2020

DOI: http://dx.doi.org/10.5089/9781513547701.001

ISBN: 9781513547701

Keywords: Labor supply, Labor markets, Human capital, Labor force participation, Nonmetropolitan areas, Anti Poverty, Poverty, Welfare, Well Being, Informality

Employment is key to combating poverty. Thus, detractors of social assistance programs argue that they create disincentives to work. While there is substantial evidence showing limited effects of these programs on...

Social Programs and Formal Employment: Evidence from the Brazilian Bolsa Família Program

Social Programs and Formal Employment: Evidence from the Brazilian Bolsa Família Program »

Source: Social Programs and Formal Employment: Evidence from the Brazilian Bolsa Família Program

Volume/Issue: 2020/99

Series: IMF Working Papers

Author(s): Anna Fruttero , Alexandre Ribeiro Leichsenring , and Luis Henrique Paiva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 June 2020

ISBN: 9781513547701

Keywords: Labor supply, Labor markets, Human capital, Labor force participation, Nonmetropolitan areas, Anti Poverty, Poverty, Welfare, Well Being, Informality

Employment is key to combating poverty. Thus, detractors of social assistance programs argue that they create disincentives to work. While there is substantial evidence showing limited effects of these programs on...

FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability

FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability »

Source: FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability

Volume/Issue: 2020/90

Series: IMF Working Papers

Author(s): Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2020

ISBN: 9781513547664

Keywords: Central banks, Exchange markets, Exchange rate markets, Exchange rate determination, Exchange rate forecasting, FX intervention, profitability, exchange rate, WP, BRL

We analyze the profitability of FX swaps used by the central bank of Brazil to shed light on the rationale for FX intervention. We find that swaps are profitable in expectation, suggesting that FX intervention is u...

FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability

FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability »

Volume/Issue: 2020/90

Series: IMF Working Papers

Author(s): Damiano Sandri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2020

DOI: http://dx.doi.org/10.5089/9781513547664.001

ISBN: 9781513547664

Keywords: Central banks, Exchange markets, Exchange rate markets, Exchange rate determination, Exchange rate forecasting, FX intervention, profitability, exchange rate, WP, BRL

We analyze the profitability of FX swaps used by the central bank of Brazil to shed light on the rationale for FX intervention. We find that swaps are profitable in expectation, suggesting that FX intervention is u...

Why Did Public Banks Lend More During the Global Financial Crisis?

Why Did Public Banks Lend More During the Global Financial Crisis? »

Volume/Issue: 2020/84

Series: IMF Working Papers

Author(s): Joshua Bosshardt , and Eugenio Cerutti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2020

DOI: http://dx.doi.org/10.5089/9781513546049.001

ISBN: 9781513546049

Keywords: Central banks, Financial crises, Banking systems, Commercial banks, Bank capital, state-owned banks, lending, global financial crisis, WP, public bank

During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries. However, data limitations have hindered a thorough assessment of what led pu...

Why Did Public Banks Lend More During the Global Financial Crisis?1

Why Did Public Banks Lend More During the Global Financial Crisis?1 »

Source: Why Did Public Banks Lend More During the Global Financial Crisis?

Volume/Issue: 2020/84

Series: IMF Working Papers

Author(s): Joshua Bosshardt , and Eugenio Cerutti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2020

ISBN: 9781513546049

Keywords: Central banks, Financial crises, Banking systems, Commercial banks, Bank capital, state-owned banks, lending, global financial crisis, WP, public bank

During the Global Financial Crisis (GFC), state-owned or public banks lent relatively more than domestic private banks in many countries. However, data limitations have hindered a thorough assessment of what led pu...

Doing More with Less: How Can Brazil Foster Development While Pursuing Fiscal Consolidation?

Doing More with Less: How Can Brazil Foster Development While Pursuing Fiscal Consolidation? »

Source: Doing More with Less: How Can Brazil Foster Development While Pursuing Fiscal Consolidation?

Volume/Issue: 2019/236

Series: IMF Working Papers

Author(s): Valentina Flamini , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2019

ISBN: 9781513509358

Keywords: Economic growth, Supply and demand, Public expenditures and education, Capital expenditure, Public expenditures and health, SDGs, development, fiscal policy, public spending, Brazil

Following a benchmarking exercise, we estimate the spending required to reach satisfactory progress in the Sustainable Development Goals in the health, education, and infrastructure sectors in Brazil. We find that...

Doing More with Less: How Can Brazil Foster Development While Pursuing Fiscal Consolidation?

Doing More with Less: How Can Brazil Foster Development While Pursuing Fiscal Consolidation? »

Volume/Issue: 2019/236

Series: IMF Working Papers

Author(s): Valentina Flamini , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2019

DOI: http://dx.doi.org/10.5089/9781513509358.001

ISBN: 9781513509358

Keywords: Economic growth, Supply and demand, Public expenditures and education, Capital expenditure, Public expenditures and health, SDGs, development, fiscal policy, public spending, Brazil

Following a benchmarking exercise, we estimate the spending required to reach satisfactory progress in the Sustainable Development Goals in the health, education, and infrastructure sectors in Brazil. We find that...

Brazil

Brazil »

Source: Brazil : Technical Assistance Report-Strengthening the Framework for Subnational Borrowing

Volume/Issue: 2019/302

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

ISBN: 9781513514710

Keywords: Economic conditions, Fiscal indicators, Economic growth, Financial indicators, Fiscal policy, ISCR, CR, subnational, FRL, FRR

This Technical Assistance report on Brazil highlights strengthening the framework for substantial borrowing. A significant change in the institutional framework is needed to impose hard budget constraints and promo...

Brazil
			: Technical Assistance Report-Strengthening the Framework for Subnational Borrowing

Brazil : Technical Assistance Report-Strengthening the Framework for Subnational Borrowing »

Volume/Issue: 2019/302

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781513514710.002

ISBN: 9781513514710

Keywords: Economic conditions, Fiscal indicators, Economic growth, Financial indicators, Fiscal policy, ISCR, CR, subnational, FRL, FRR

This Technical Assistance report on Brazil highlights strengthening the framework for substantial borrowing. A significant change in the institutional framework is needed to impose hard budget constraints and promo...

Brazil: 2019 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Brazil

Brazil: 2019 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Brazil »

Source: Brazil : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

ISBN: 9781513508368

Keywords: Balance of payments, Central banks, Economic indicators, Expenditures, Gross domestic product, BCB, pension reform, primary balance, BNDES, percent

This 2019 Article IV Consultation with Brazil discusses that growth is projected at 0.8 percent in 2019 and to accelerate in 2020 conditional on the approval of a robust pension reform and favorable financial condi...

Brazil: Elected Issues

Brazil: Elected Issues »

Source: Brazil : Selected Issues

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

ISBN: 9781513508375

Keywords: Central banks, Exchange rate policy, Foreign exchange operations, Financial crises, Currency swaps, BCB, TSA, fiscal operation, cambial, repo

This Selected Issues paper examines the profitability of the foreign exchange (FX) swaps issued the Central Bank of Brazil (BCB) between May 2013 and February 2019 to shed light on the rationale for FX intervention...

Brazil: Elected Issues

Brazil: Elected Issues »

Source: Brazil : Selected Issues

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

ISBN: 9781513508375

Keywords: Central banks, Exchange rate policy, Foreign exchange operations, Financial crises, Currency swaps, BCB, TSA, fiscal operation, cambial, repo

This Selected Issues paper examines the profitability of the foreign exchange (FX) swaps issued the Central Bank of Brazil (BCB) between May 2013 and February 2019 to shed light on the rationale for FX intervention...

Brazil: Staff Report for the 2019 Article IV Consultation—Debt Sustainability Analysis

Brazil: Staff Report for the 2019 Article IV Consultation—Debt Sustainability Analysis »

Source: Brazil : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

ISBN: 9781513508368

Keywords: Balance of payments, Central banks, Economic indicators, Expenditures, Gross domestic product, BCB, pension reform, primary balance, BNDES, percent

This 2019 Article IV Consultation with Brazil discusses that growth is projected at 0.8 percent in 2019 and to accelerate in 2020 conditional on the approval of a robust pension reform and favorable financial condi...

Brazil: Staff Report for the 2019 Article IV Consultation—Informational Annex

Brazil: Staff Report for the 2019 Article IV Consultation—Informational Annex »

Source: Brazil : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

ISBN: 9781513508368

Keywords: Balance of payments, Central banks, Economic indicators, Expenditures, Gross domestic product, BCB, pension reform, primary balance, BNDES, percent

This 2019 Article IV Consultation with Brazil discusses that growth is projected at 0.8 percent in 2019 and to accelerate in 2020 conditional on the approval of a robust pension reform and favorable financial condi...

IMF Executive Board Concludes 2019 Article IV Consultation with Brazil

IMF Executive Board Concludes 2019 Article IV Consultation with Brazil »

Source: Brazil : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

ISBN: 9781513508368

Keywords: Balance of payments, Central banks, Economic indicators, Expenditures, Gross domestic product, BCB, pension reform, primary balance, BNDES, percent

This 2019 Article IV Consultation with Brazil discusses that growth is projected at 0.8 percent in 2019 and to accelerate in 2020 conditional on the approval of a robust pension reform and favorable financial condi...

Brazil
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Brazil : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil »

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

DOI: http://dx.doi.org/10.5089/9781513508368.002

ISBN: 9781513508368

Keywords: Balance of payments, Central banks, Economic indicators, Expenditures, Gross domestic product, BCB, pension reform, primary balance, BNDES, percent

This 2019 Article IV Consultation with Brazil discusses that growth is projected at 0.8 percent in 2019 and to accelerate in 2020 conditional on the approval of a robust pension reform and favorable financial condi...

Brazil
			: Selected Issues

Brazil : Selected Issues »

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

DOI: http://dx.doi.org/10.5089/9781513508375.002

ISBN: 9781513508375

Keywords: Central banks, Exchange rate policy, Foreign exchange operations, Financial crises, Currency swaps, BCB, TSA, fiscal operation, cambial, repo

This Selected Issues paper examines the profitability of the foreign exchange (FX) swaps issued the Central Bank of Brazil (BCB) between May 2013 and February 2019 to shed light on the rationale for FX intervention...

Statement by Alexandre Tombini, Executive Director for Brazil July 15, 2019

Statement by Alexandre Tombini, Executive Director for Brazil July 15, 2019 »

Source: Brazil : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Brazil

Volume/Issue: 2019/243

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2019

ISBN: 9781513508368

Keywords: Balance of payments, Central banks, Economic indicators, Expenditures, Gross domestic product, BCB, pension reform, primary balance, BNDES, percent

This 2019 Article IV Consultation with Brazil discusses that growth is projected at 0.8 percent in 2019 and to accelerate in 2020 conditional on the approval of a robust pension reform and favorable financial condi...

Brazil
			: Boom, Bust, and the Road to Recovery

Brazil : Boom, Bust, and the Road to Recovery »

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

DOI: http://dx.doi.org/10.5089/9781484339749.071

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contribut...

Back Matter

Back Matter »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contribut...

Front Matter

Front Matter »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Brazil is at crossroads, emerging slowly from a historic recession that was preceded by a huge economic boom. Reasons for the historic bust following a boom are manifold. Policy mistakes were an important contribut...

Chapter 2 An Eventful Two Decades of Reforms, Economic Boom, and a Historic Crisis

Chapter 2 An Eventful Two Decades of Reforms, Economic Boom, and a Historic Crisis »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Introduction After ending hyperinflation in the early 1990s, Brazil embarked on a remarkable economic journey at the beginning of this century. The first part of this chapter reviews...

Chapter 6 Brazil in the New World Economic Order

Chapter 6 Brazil in the New World Economic Order »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Brazil is one of the most closed economies in the world; it has comparatively high import tariffs, numerous local-content programs, and few and shallow trade agreeme...

Chapter 4 Brazil’s Productivity Challenge: Structural Change versus Economy-Wide Innovation-Based Improvements

Chapter 4 Brazil’s Productivity Challenge: Structural Change versus Economy-Wide Innovation-Based Improvements »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Brazil’s productivity growth over the past several decades has been uninspiring. Low productivity is pervasive across all sectors of the economy and cannot be attrib...

Chapter 18 Corruption in Emerging Market Economies: How Does Brazil Fare?

Chapter 18 Corruption in Emerging Market Economies: How Does Brazil Fare? »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Countries in Latin America compare unfavorably with advanced economies in terms of perceptions of corruption, but there is significant variation within the region. B...

Chapter 3 Current Constraints on Growth

Chapter 3 Current Constraints on Growth »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

After ranking among the world’s top-performing economies for most of the 20th century, in the early 1980s Brazil entered a long cycle of low and volatile growth that...

Chapter 16 Earmarked Credit and Public Banks

Chapter 16 Earmarked Credit and Public Banks »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Credit market interventions in Brazil have not delivered the economic benefits they were designed for and have led to high fiscal costs. Macro instability historical...

Chapter 11 Fiscal Challenges of Population Aging in Brazil

Chapter 11 Fiscal Challenges of Population Aging in Brazil »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Brazil’s population is aging. Declining fertility rates and increasing life expectancy are important drivers of demographic changes in Brazil and Latin America, cont...

Chapter 17 In Pursuit of Anchored Inflation Expectations in Brazil: The Role of Transparency and Communication

Chapter 17 In Pursuit of Anchored Inflation Expectations in Brazil: The Role of Transparency and Communication »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Following several years of inflation expectations that exceeded the midpoint of the central bank’s target, and amid a rapid disinflationary process that began in lat...

Chapter 8 Inequality in Brazil: A Closer Look at the Evolution in States

Chapter 8 Inequality in Brazil: A Closer Look at the Evolution in States »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Using a novel methodology that allows households’ incomes to be adjusted for price-level differences across states, this chapter analyzes the evolution of income inequality in Brazi...

Chapter 15 Interest Rates and Inflation

Chapter 15 Interest Rates and Inflation »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

The conventional view among economists is that higher interest rates reduce inflation. However, the prolonged period of low inflation and low interest rates in advan...

Chapter 20 Lava Jato, Mani Pulite, and the Role of Institutions

Chapter 20 Lava Jato, Mani Pulite, and the Role of Institutions »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

If the highest rate of return in an economy is to piracy, we can expect that the organizations will invest in skills and knowledge that will make them better pirates...

Chapter 19 Legal Issues in Fighting Money Laundering and Related Corruption

Chapter 19 Legal Issues in Fighting Money Laundering and Related Corruption »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Much has been achieved in the 20 years since Brazil first joined international efforts against money laundering, terrorism financing, and corruption; some of the cur...

Chapter 21 Lessons from Italy’s Anti-Corruption Efforts

Chapter 21 Lessons from Italy’s Anti-Corruption Efforts »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Since it began in 2014, the vast anticorruption investigation underway in Brazil, Operation Lava Jato, or “Car Wash,” and related inquiries have been compared with t...

Chapter 10 Modernizing Fiscal Institutions

Chapter 10 Modernizing Fiscal Institutions »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Improving Brazil’s short- and long-term prospects depends critically on curing the fiscal malaise and restoring debt sustainability, notably by addressing structural...

Chapter 1 Overview: Brazil’s Road to Recovery

Chapter 1 Overview: Brazil’s Road to Recovery »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

The recession of 1981 was a watershed moment in Brazilian economic history. After several decades of impressive growth, averaging about 8 percent a year from the 1950s through the 1...

Chapter 9 Poverty and Inequality in Brazil and Latin America

Chapter 9 Poverty and Inequality in Brazil and Latin America »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Brazil, and Latin America more broadly, have made impressive progress in reducing inequality and poverty since the turn of the century, although they remain highly u...

Chapter 13 Rightsizing the Public Sector Wage Bill

Chapter 13 Rightsizing the Public Sector Wage Bill »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Brazil’s public sector wage bill is comparatively high and competes with other spending. Rightsizing the wage bill is necessary to comply with the federal government expenditure cei...

Chapter 5 Structural Reform Priorities for Brazil

Chapter 5 Structural Reform Priorities for Brazil »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Over the past few decades, stagnant productivity has caused Brazil to experience relatively weak economic growth. To boost productivity, Brazil should embark on an a...

Chapter 14 The Conquest of Lower Interest Rates in Brazil—Where Does Neutral Stand?

Chapter 14 The Conquest of Lower Interest Rates in Brazil—Where Does Neutral Stand? »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

This chapter examines the connections between macroeconomic fundamentals and the neutral real interest rate in Brazil. The analysis finds that acclaimed theoretical...

Chapter 12 The Subnational Fiscal Crisis

Chapter 12 The Subnational Fiscal Crisis »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

This chapter discusses the impact of the 2015–16 recession on the public finances of Brazilian states and reviews recent modifications to the subnational fiscal fram...

Chapter 7 Trade Liberalization and Active Labor Market Policies

Chapter 7 Trade Liberalization and Active Labor Market Policies »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

Trade liberalization will boost Brazil’s productive potential and growth prospects, but it will also affect labor markets, including employment and wages. Using a co...

Part I Overview

Part I Overview »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

...

Part II Growth

Part II Growth »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

...

Part III Social Progress

Part III Social Progress »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

...

Part IV Strengthening the Fiscal Framework

Part IV Strengthening the Fiscal Framework »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

...

Part V Challenges to the Monetary and Financial Framework

Part V Challenges to the Monetary and Financial Framework »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

...

Part VI Fighting Corruption

Part VI Fighting Corruption »

Source: Brazil : Boom, Bust, and the Road to Recovery

Series: Books

Author(s): Antonio Spilimbergo , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2019

ISBN: 9781484339749

Keywords: economic history, BNDES, medium-term, subnational, Jato, FRL

...

Chapter 3 A Taxonomy of Intervention

Chapter 3 A Taxonomy of Intervention »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

This chapter presents different frameworks for implementing foreign exchange interventions, including whether they are transparently communicated to the market or ke...

Chapter 7 Brazil: Taking Stock of the Past Couple of Decades

Chapter 7 Brazil: Taking Stock of the Past Couple of Decades »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

This chapter describes the exchange rate regimes, possible policy rationales, and public operational guidelines for foreign exchange intervention in Brazil over the...

Chapter 10 Costa Rica: Learning to Float

Chapter 10 Costa Rica: Learning to Float »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

Costa Rica provides a case study of how a small, highly dollarized and very open emerging market economy gradually learns to float. Since 2006, Costa Rica has transi...

Chapter 5 Forward Intervention

Chapter 5 Forward Intervention »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

This chapter examines the differences between spot and forward currency interventions by way of a model that incorporates the motivations of different groups of curr...

Chapter 6 Intervention under Inflation Targeting

Chapter 6 Intervention under Inflation Targeting »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

This chapter takes a close look at the experience with intervention under inflation- targeting frameworks in Latin America. In particular, it discusses the challenge...

Chapter 8 Interventions in Chile

Chapter 8 Interventions in Chile »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

In this chapter, we study the four episodes of foreign exchange interventions since the inflation-targeting regime was adopted in Chile, and we present the reasons a...

Chapter 1 Introduction: Book in Brief

Chapter 1 Introduction: Book in Brief »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

There is a growing interest in the use of foreign exchange intervention as a policy tool, particularly in emerging markets. Yet our understanding of many aspects of foreign exchange...

Chapter 9 Learning from Experience in Colombia

Chapter 9 Learning from Experience in Colombia »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

This chapter describes the mechanisms used by the Central Bank of Colombia for intervention in the foreign exchange market and explains the rationale and operations....

Chapter 11 Mexico: Free-Floating Exchange Regime

Chapter 11 Mexico: Free-Floating Exchange Regime »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

This chapter describes Mexico’s experience with foreign exchange intervention since the free-floating exchange rate regime was adopted in December 1994. The first tw...

Chapter 12 Peru: Foreign Exchange Intervention under Financial Dollarization

Chapter 12 Peru: Foreign Exchange Intervention under Financial Dollarization »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

This chapter explores the case for foreign exchange intervention in Peru. The Central Reserve Bank of Peru abandoned the exchange rate peg in August 1990 and moved t...

Chapter 4 The Effectiveness of Intervention

Chapter 4 The Effectiveness of Intervention »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

This chapter surveys the empirical evidence on the effectiveness of foreign exchange intervention. There is an inherent identification problem when estimating the ef...

Chapter 13 Uruguay: Interventions and Their Effects

Chapter 13 Uruguay: Interventions and Their Effects »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

In the wake of the global financial crisis in 2008, the Central Bank of Uruguay faced challenges in global capital flow volatility. It used different tools within th...

Chapter 2 Why Intervene?

Chapter 2 Why Intervene? »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

This chapter discusses some of the motives for why emerging market countries may want to intervene in the foreign exchange market, even under a flexible exchange rat...

Foreign Exchange Intervention in Inflation Targeters in Latin America

Foreign Exchange Intervention in Inflation Targeters in Latin America »

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

DOI: http://dx.doi.org/10.5089/9781484375686.071

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin A...

Back Matter

Back Matter »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin A...

Front Matter

Front Matter »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin A...

Part I

Part I »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

...

Part II

Part II »

Source: Foreign Exchange Intervention in Inflation Targeters in Latin America

Series: Books

Author(s): Marcos Chamon , David Hofman , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

ISBN: 9781484375686

Keywords: Foreign exchange intervention, Exchange rates, Inflation targeting, Central banks, Exchange markets, Exchange rate policy, Exchange policy, central bank, volatility, exchange market

...

Brazil

Brazil »

Source: Brazil : Financial Sector Assessment Program-Technical Note on Fund Management: Regulation, Supervision and Systemic Risk Monitoring

Volume/Issue: 2018/358

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

ISBN: 9781484389010

Keywords: Western Hemisphere, Brazil

Brazil has a large and diverse investments funds sector which is subject to a robust regulatory framework. The competent authority, the Comissão de Valores Mobiliários (CVM), requires high standards of the entities...

Brazil
			: Financial Sector Assessment Program-Technical Note on Fund Management: Regulation, Supervision and Systemic Risk Monitoring

Brazil : Financial Sector Assessment Program-Technical Note on Fund Management: Regulation, Supervision and Systemic Risk Monitoring »

Volume/Issue: 2018/358

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484389010.002

ISBN: 9781484389010

Keywords: Western Hemisphere, Brazil

Brazil has a large and diverse investments funds sector which is subject to a robust regulatory framework. The competent authority, the Comissão de Valores Mobiliários (CVM), requires high standards of the entities...

Brazil

Brazil »

Source: Brazil : Financial Sector Assessment Program-Technical Note on Bank Resolution, Financial Sector Safety Nets, Crisis Prevention and Management

Volume/Issue: 2018/341

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

ISBN: 9781484387528

Keywords: Western Hemisphere, Brazil

Important improvements have been made to the bank resolution, safety net and crisis management framework since the last FSAP. The resolution framework has been strengthened with the creation, within the Banco Centr...

Brazil

Brazil »

Source: Brazil : Financial Sector Assessment Program-Technical Note on Stress Testing and Systemic Risk Analysis

Volume/Issue: 2018/344

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

ISBN: 9781484387566

Keywords: Brazil, Western Hemisphere

The financial system has been resilient through the severe recession. Banks and investment funds dominate Brazil's financial system landscape. The banking sector has continued to be well-capitalized, profitable, an...

Brazil

Brazil »

Source: Brazil : Financial Sector Assessment Program-Detailed Assessment of Observance - Basel Core Principles for Effective Banking Supervision

Volume/Issue: 2018/340

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

ISBN: 9781484387504

Keywords: Brazil, Western Hemisphere

The Central Bank of Brazil (BCB) has shown a determined commitment to enhancing its standards and practices of banking supervision. Changes in the thinking and practices of the BCB's supervision are not limited to...

Brazil

Brazil »

Source: Brazil : Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management

Volume/Issue: 2018/345

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

ISBN: 9781484387573

Keywords: Western Hemisphere, Brazil

Brazil's financial markets are generally liquid and sophisticated. Brazil is blessed with a wide array of instruments which investors can use to manage and hedge interest rate and FX risks. The infrastructure suppo...

Brazil

Brazil »

Source: Brazil : Financial Sector Assessment Program-Technical Note on Insurance Sector Regulation and Supervision

Volume/Issue: 2018/343

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

ISBN: 9781484387559

Keywords: Brazil, Western Hemisphere

The insurance sector has significant potential for expansion and to contribute to economic growth as an important part of the financial sector. While the insurance sector has grown at 10 percent annually over the...

Brazil

Brazil »

Source: Brazil : Financial Sector Assessment Program-Technical Note on Supervision and Oversight of Financial Market Infrastructures

Volume/Issue: 2018/342

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

ISBN: 9781484387535

Keywords: Western Hemisphere, Brazil

Brazilian FMIs are among the top twenty worldwide. All together there are sixteen financial market infrastructures2 (FMIs) operating in the Brazilian payment system (SPB), out of which nine3 are systemically import...

Brazil

Brazil »

Source: Brazil : Financial System Stability Assessment

Volume/Issue: 2018/339

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

ISBN: 9781484387474

Keywords: Brazil, Western Hemisphere

Since the Brazil 2012 FSAP, the financial system has been stable despite the deep recession. The resiliency of the banking system was supported by high profitability, buoyed by large interest margins. While the fin...

Brazil
			: Financial Sector Assessment Program-Detailed Assessment of Observance - Basel Core Principles for Effective Banking Supervision

Brazil : Financial Sector Assessment Program-Detailed Assessment of Observance - Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2018/340

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387474.002

ISBN: 9781484387504

Keywords: Brazil, Western Hemisphere

The Central Bank of Brazil (BCB) has shown a determined commitment to enhancing its standards and practices of banking supervision. Changes in the thinking and practices of the BCB's supervision are not limited to...

Brazil
			: Financial Sector Assessment Program-Technical Note on Bank Resolution, Financial Sector Safety Nets, Crisis Prevention and Management

Brazil : Financial Sector Assessment Program-Technical Note on Bank Resolution, Financial Sector Safety Nets, Crisis Prevention and Management »

Volume/Issue: 2018/341

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387528.002

ISBN: 9781484387528

Keywords: Western Hemisphere, Brazil

Important improvements have been made to the bank resolution, safety net and crisis management framework since the last FSAP. The resolution framework has been strengthened with the creation, within the Banco Centr...

Brazil
			: Financial Sector Assessment Program-Technical Note on Insurance Sector Regulation and Supervision

Brazil : Financial Sector Assessment Program-Technical Note on Insurance Sector Regulation and Supervision »

Volume/Issue: 2018/343

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387559.002

ISBN: 9781484387559

Keywords: Brazil, Western Hemisphere

The insurance sector has significant potential for expansion and to contribute to economic growth as an important part of the financial sector. While the insurance sector has grown at 10 percent annually over the...

Brazil
			: Financial Sector Assessment Program-Technical Note on Stress Testing and Systemic Risk Analysis

Brazil : Financial Sector Assessment Program-Technical Note on Stress Testing and Systemic Risk Analysis »

Volume/Issue: 2018/344

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387566.002

ISBN: 9781484387566

Keywords: Brazil, Western Hemisphere

The financial system has been resilient through the severe recession. Banks and investment funds dominate Brazil's financial system landscape. The banking sector has continued to be well-capitalized, profitable, an...

Brazil
			: Financial Sector Assessment Program-Technical Note on Supervision and Oversight of Financial Market Infrastructures

Brazil : Financial Sector Assessment Program-Technical Note on Supervision and Oversight of Financial Market Infrastructures »

Volume/Issue: 2018/342

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387535.002

ISBN: 9781484387535

Keywords: Western Hemisphere, Brazil

Brazilian FMIs are among the top twenty worldwide. All together there are sixteen financial market infrastructures2 (FMIs) operating in the Brazilian payment system (SPB), out of which nine3 are systemically import...

Brazil
			: Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management

Brazil : Financial Sector Assessment Program-Technical Note on Systemic Liquidity Management »

Volume/Issue: 2018/345

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387573.002

ISBN: 9781484387573

Keywords: Western Hemisphere, Brazil

Brazil's financial markets are generally liquid and sophisticated. Brazil is blessed with a wide array of instruments which investors can use to manage and hedge interest rate and FX risks. The infrastructure suppo...

Brazil
			: Financial System Stability Assessment

Brazil : Financial System Stability Assessment »

Volume/Issue: 2018/339

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2018

DOI: http://dx.doi.org/10.5089/9781484387474.002

ISBN: 9781484387474

Keywords: Brazil, Western Hemisphere

Since the Brazil 2012 FSAP, the financial system has been stable despite the deep recession. The resiliency of the banking system was supported by high profitability, buoyed by large interest margins. While the fin...

Brazil

Brazil »

Source: Brazil : Technical Assistance Report-Public Investment Management Assessment

Volume/Issue: 2018/249

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 November 2018

ISBN: 9781484372050

Keywords: Brazil, Western Hemisphere

Brazil is the largest country in Latin America with a varied geography and a population of over 200 million spread across 26 diverse states, generating wide-ranging infrastructure needs. Over the decades, many gove...

Brazil
			: Technical Assistance Report-Public Investment Management Assessment

Brazil : Technical Assistance Report-Public Investment Management Assessment »

Volume/Issue: 2018/249

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 November 2018

DOI: http://dx.doi.org/10.5089/9781484372050.002

ISBN: 9781484372050

Keywords: Brazil, Western Hemisphere

Brazil is the largest country in Latin America with a varied geography and a population of over 200 million spread across 26 diverse states, generating wide-ranging infrastructure needs. Over the decades, many gove...

Brazil
			: Technical Assistance Report-Public Investment Management Assessment

Brazil : Technical Assistance Report-Public Investment Management Assessment »

Volume/Issue: 2018/249

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 November 2018

Language: Portuguese

DOI: http://dx.doi.org/10.5089/9781484386873.002

ISBN: 9781484386873

Brazil is the largest country in Latin America with a varied geography and a population of over 200 million spread across 26 diverse states, generating wide-ranging infrastructure needs. Over the decades, many gove...

Brazil: Technical Assistance Report-Public Investment Management Assessment

Brazil: Technical Assistance Report-Public Investment Management Assessment »

Source: Brazil : Technical Assistance Report-Public Investment Management Assessment

Volume/Issue: 2018/249

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 November 2018

Language: Portuguese

ISBN: 9781484386873

Brazil is the largest country in Latin America with a varied geography and a population of over 200 million spread across 26 diverse states, generating wide-ranging infrastructure needs. Over the decades, many gove...

Rightsizing Brazil's Public-Sector Wage Bill

Rightsizing Brazil's Public-Sector Wage Bill »

Volume/Issue: 2018/225

Series: IMF Working Papers

Author(s): Izabela Karpowicz , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2018

DOI: http://dx.doi.org/10.5089/9781484374924.001

ISBN: 9781484374924

Keywords: Brazil, Wage bill, Fiscal rules, Employee compensation, Western Hemisphere, public spending, General, State and Local Government: Other Expenditure Categories

Brazil's public-sector wage bill is comparatively high. It grows inertially and competes with other spending. Rightsizing the wage bill could stimulate administrative efficiency and bring more equity into a system...