CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

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Fiscal policy in times of crisis: macroeconomic effects of the primary surplus

The international financial crisis that hit the Brazilian economy in the third quarter of 2008 called forth several economic-policy responses. In the case of fiscal policy, expansionary measures rendered the existing fiscal target unviable, and it was formally reduced in April 2009. The purpose of this article is to analyse the macroeconomic effects of reducing the primary budget-surplus target and to evaluate its repercussions on the level of activity, time-structure of interest rates and the exchange rate.


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