Publication:
Policy Mix, Public Debt Management and Fiscal Rules : Lessons from the 2002 Brazilian Crisis

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dc.contributor.authorHerrera, Santiago
dc.date.accessioned2012-06-25T14:32:10Z
dc.date.available2012-06-25T14:32:10Z
dc.date.issued2005-02
dc.description.abstractDespite significant progress in economic reform throughout the 1990s, and an exemplary development of the policymaking framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the political origin of the uncertainty cannot be ignored, the author identifies other sources of uncertainty emanating from the policymaking framework: fiscal policy was not responsive to the shocks, public debt instruments were used with several objectives (to stabilize the currency and to lengthen maturity) and there was inadequate supervision of agents holding public debt. Most of the flaws have been fixed following the crisis: a) The primary fiscal balance has been increased, sending the signal that it is a flexible instrument that will be used to ensure commitment of the sovereign to honor its obligations. b) The central bank formally transferred to the Treasury the remaining debt-issuance functions, facilitating a more adequate balancing of different risks involved in debt management. c) Mutual funds' public debt holdings are better regulated, ensuring that end-investors have the proper information to assess the risk of the institutions in which they invest.en
dc.identifierhttp://documents.worldbank.org/curated/en/2005/02/5635025/policy-mix-public-debt-management-fiscal-rules-lessons-2002-brazilian-crisis
dc.identifier.doi10.1596/1813-9450-3512
dc.identifier.urihttps://hdl.handle.net/10986/8910
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 3512
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectASSET PRICES
dc.subjectASSET RETURNS
dc.subjectBALANCE SHEETS
dc.subjectBANK RUN
dc.subjectBANKING CRISES
dc.subjectBANKING SECTOR
dc.subjectBOND PRICES
dc.subjectBONDS
dc.subjectBORROWING
dc.subjectCAPITAL EXPENDITURES
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL MARKETS
dc.subjectCENTRAL BANK
dc.subjectCREDIT RISK
dc.subjectCURRENCY
dc.subjectDEALERS
dc.subjectDEBT
dc.subjectDEBT BURDEN
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT LEVEL
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT REFINANCING
dc.subjectDEBT SERVICE
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEBTORS
dc.subjectDEFICITS
dc.subjectDEPOSITS
dc.subjectDIRECT INVESTMENT
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC PUBLIC DEBT
dc.subjectDRAFTS
dc.subjectECONOMIC REFORM
dc.subjectENTITLEMENTS
dc.subjectEQUILIBRIUM
dc.subjectEXCESS LIQUIDITY
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURE
dc.subjectEXPORTS
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL FINANCING
dc.subjectFACE VALUE
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL POLICIES
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFISCAL CONDITIONS
dc.subjectFISCAL POLICY
dc.subjectFISCAL REFORM
dc.subjectFORECASTS
dc.subjectFOREIGN BANKS
dc.subjectFUTURE VALUE
dc.subjectGDP
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT EXPENDITURES
dc.subjectGOVERNMENT SECURITIES
dc.subjectGROWTH RATE
dc.subjectHEDGING
dc.subjectILLIQUIDITY
dc.subjectINCOME
dc.subjectINDEBTEDNESS
dc.subjectINDEXATION
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE RISK
dc.subjectINTEREST RATES
dc.subjectINTEREST/
dc.subjectINTERNATIONAL RESERVES
dc.subjectLEGAL FRAMEWORK
dc.subjectLIABILITY
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY RISK
dc.subjectLOCAL CURRENCY
dc.subjectMANDATES
dc.subjectMARKET POWER
dc.subjectMARKET RISK
dc.subjectMARKET VALUE
dc.subjectMATURITY
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY POLICY
dc.subjectMUTUAL FUND
dc.subjectNATIONAL INCOME
dc.subjectNET WORTH
dc.subjectOIL
dc.subjectOPEN MARKET OPERATIONS
dc.subjectPRESENT VALUE
dc.subjectPRESENT VALUE OF DEBT
dc.subjectPRICE CHANGES
dc.subjectPRICE CONTROLS
dc.subjectPRIMARY DEALERS
dc.subjectPRIVATE DEBT
dc.subjectPROBABILITY OF DEFAULT
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC ENTERPRISES
dc.subjectPUBLIC SAVINGS
dc.subjectREDEMPTION
dc.subjectREFINANCING
dc.subjectREPO
dc.subjectRESERVE REQUIREMENT
dc.subjectRESERVE REQUIREMENTS
dc.subjectREVENUE SHARING
dc.subjectRISK AVERSION
dc.subjectRISK MANAGEMENT
dc.subjectRISK PREMIUM
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSOLVENCY
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN RISK
dc.subjectTAX REFORMS
dc.subjectTAX REVENUE
dc.subjectTAXPAYERS
dc.subjectTHEORETICAL MODELS
dc.subjectWAGES
dc.subjectWEALTH
dc.subjectYIELD CURVE
dc.titlePolicy Mix, Public Debt Management and Fiscal Rules : Lessons from the 2002 Brazilian Crisisen
dspace.entity.typePublication
okr.crossref.titlePolicy Mix, Public Debt Management, and Fiscal Rules: Lessons from the 2002 Brazilian Crisis
okr.date.doiregistration2025-04-10T09:39:40.228959Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2005/02/5635025/policy-mix-public-debt-management-fiscal-rules-lessons-2002-brazilian-crisis
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.guid736601468744093803
okr.identifier.doi10.1596/1813-9450-3512
okr.identifier.externaldocumentum000012009_20050302140719
okr.identifier.internaldocumentum5635025
okr.identifier.reportWPS3512
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2005/03/02/000012009_20050302140719/Rendered/PDF/WPS3512.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryBrazil
okr.topicEconomic Theory and Research
okr.topicBanks and Banking Reform
okr.topicEnvironmental Economics and Policies
okr.topicFinance and Financial Sector Development::Strategic Debt Management
okr.topicPayment Systems and Infrastructure
okr.topicMacroeconomics and Economic Growth::Economic Stabilization
okr.topicPublic Sector Economics and Finance
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isAuthorOfPublicationb8257292-3111-5480-90dd-5aeb70e52589
relation.isAuthorOfPublication.latestForDiscoveryb8257292-3111-5480-90dd-5aeb70e52589
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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