Publication:
Brazil : Issues in Fiscal Federalism

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-08-28T14:07:14Z
dc.date.available2013-08-28T14:07:14Z
dc.date.issued2002-06-04
dc.description.abstractThe globalization of financial markets, has increased international pressure on the federal governments to maintain a hard budget constraint, with respect to sub-national governments. Because growth in sub-national deficits undermines investor confidence, the federal government is under pressure to enforce the new debt control system, if only to keep the foreign investment flowing, and, political support for enforcement of the fiscal rules may also have increased. Nevertheless, there is the case for shifting the system of sub-national debt control from one that depends on central regulation, to one that relies more on markets. The report looks at institutional models for doing so, which include bond markets, and specialized banks. If the market model is to prevail in Brazil, changes in the credit environment must occur: private long term funds must become available, at interest rates compatible with infrastructure investment returns. But continued macroeconomic stability, and declining federal deficits are required before implementing the market model; private lenders must have a level playing field, and, limitations on subsidized government lending is necessary to attract private sector interest; the federal government should refrain from extending implicit guarantees on private loans to sub-national governments, while establishing a pattern of non-interference in sub-national defaults to private banks; and, reforms should remove obstacles that prevent sub-national governments from becoming creditworthy. Likewise, the growing state pension liabilities challenges the present system of fiscal controls.en
dc.identifierhttp://documents.worldbank.org/curated/en/2002/06/1807519/brazil-issues-fiscal-federalism
dc.identifier.doi10.1596/15417
dc.identifier.urihttps://hdl.handle.net/10986/15417
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectFISCAL FEDERALISM
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL MANAGEMENT
dc.subjectFINANCIAL MECHANISMS
dc.subjectGLOBALIZATION
dc.subjectBUDGET CONTROL
dc.subjectSUBNATIONAL GOVERNMENT
dc.subjectINVESTOR CONFIDENCE
dc.subjectDEBT CRISIS
dc.subjectDEBT MANAGEMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectPOLITICAL BIAS
dc.subjectREGULATORY FRAMEWORK
dc.subjectMARKET ECONOMY
dc.subjectINSTITUTIONAL MANAGEMENT
dc.subjectBOND REGULATION
dc.subjectBANKING SYSTEMS
dc.subjectCREDIT EFFECTIVENESS
dc.subjectPRIVATE CAPITAL FLOWS
dc.subjectACCESS TO CREDIT
dc.subjectINTEREST RATE PARITY
dc.subjectINFRASTRUCTURE FUNDING
dc.subjectRATE OF RETURN REGULATION
dc.subjectMACROECONOMIC STABILITY
dc.subjectSUBSIDIES
dc.subjectGOVERNMENT GUARANTEES
dc.subjectPRIVATE BANKS
dc.subjectFISCAL REFORMS
dc.subjectPENSION SYSTEMS
dc.subjectLIABILITIES (ECONOMIC) ASSETS
dc.subjectAUTHORITY
dc.subjectAUTONOMY
dc.subjectBANKING SECTOR
dc.subjectBLOCK GRANTS
dc.subjectBOND MARKETS
dc.subjectBORROWING
dc.subjectBUDGET DEFICIT
dc.subjectBUDGET LIABILITIES
dc.subjectCAPITAL CITIES
dc.subjectCAPITALIZATION
dc.subjectCENTRAL GOVERNMENT
dc.subjectCIVIL SERVICE
dc.subjectCOALITIONS
dc.subjectCOMMERCIAL BANKS
dc.subjectCONSTITUENCY
dc.subjectCONSTITUTION
dc.subjectCONSTITUTIONS
dc.subjectCOUNCILS
dc.subjectCOURT SYSTEM
dc.subjectDEBT RELIEF
dc.subjectDEBT SERVICE
dc.subjectDECENTRALIZATION
dc.subjectDECREE
dc.subjectDEMOCRACY
dc.subjectDISTRICTS
dc.subjectELECTED OFFICIALS
dc.subjectEMPLOYMENT
dc.subjectEXPENDITURE
dc.subjectEXPENDITURE ASSIGNMENT
dc.subjectEXPENDITURE RESPONSIBILITIES
dc.subjectFEDERAL GOVERNMENT
dc.subjectFEDERALISM
dc.subjectFINANCIAL CONTROL
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFISCAL
dc.subjectFISCAL CONTROLS
dc.subjectFISCAL FEDERALISM
dc.subjectFISCAL POLICY
dc.subjectFISCAL RESPONSIBILITY
dc.subjectFISCAL YEAR
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN TRADE
dc.subjectGOVERNMENT BANKS
dc.subjectGOVERNMENT INTERVENTION
dc.subjectGOVERNMENT OFFICIALS
dc.subjectIMPEACHMENT
dc.subjectINFLATION
dc.subjectINSURANCE
dc.subjectINTEREST RATES
dc.subjectINTERGOVERNMENTAL RELATIONS
dc.subjectINTERGOVERNMENTAL TRANSFERS
dc.subjectLACK OF ACCOUNTABILITY
dc.subjectLAWS
dc.subjectLEGISLATION
dc.subjectLEGISLATURES
dc.subjectLEVEL PLAYING FIELD
dc.subjectLEVELS OF GOVERNMENT
dc.subjectLOCAL GOVERNMENT
dc.subjectLOCAL GOVERNMENTS
dc.subjectLOCAL TAX
dc.subjectLOCAL TAXES
dc.subjectMACROECONOMIC STABILITY
dc.subjectMANDATES
dc.subjectMATURITY
dc.subjectMEMBER STATES
dc.subjectMONARCHY
dc.subjectMUNICIPAL GOVERNMENT
dc.subjectMUNICIPAL GOVERNMENTS
dc.subjectMUNICIPAL SERVICES
dc.subjectMUNICIPALITIES
dc.subjectMUNICIPALITY
dc.subjectNATIONAL LEVEL
dc.subjectPARTY AFFILIATION
dc.subjectPENSIONS
dc.subjectPOLITICAL CRISIS
dc.subjectPOLITICAL ELITES
dc.subjectPOLITICAL POWER
dc.subjectPOLITICIANS
dc.subjectPOPULISM
dc.subjectPRESIDENCY
dc.subjectPRESIDENTIAL CANDIDATES
dc.subjectPRESIDENTIAL ELECTIONS
dc.subjectPRESIDENTS
dc.subjectPRIVATE BANKS
dc.subjectPRIVATE SECTOR
dc.subjectPRIVATIZATION
dc.subjectPRIVATIZATION PROCEEDS
dc.subjectPROVISIONS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC EMPLOYMENT
dc.subjectPUBLIC SECTOR
dc.subjectPUBLIC SERVICE
dc.subjectPUBLIC SERVICE DELIVERY
dc.subjectPUBLIC SERVICES
dc.subjectPUBLIC UTILITIES
dc.subjectPUBLIC WORKS
dc.subjectRETIREMENT
dc.subjectREVENUE ASSIGNMENT
dc.subjectREVENUE SHARING
dc.subjectREVENUE SOURCES
dc.subjectSAVINGS
dc.subjectSAVINGS SCHEMES
dc.subjectSENATE
dc.subjectSOCIAL ASSISTANCE
dc.subjectSOCIAL SECURITY
dc.subjectSOVEREIGNTY
dc.subjectSPECIALIZED BANKS
dc.subjectSTATE ASSEMBLIES
dc.subjectSTATE BONDS
dc.subjectSTATE GOVERNORS
dc.subjectSTATE PARTICIPATION
dc.subjectSTATE REVENUE
dc.subjectSTRUCTURE OF GOVERNMENT
dc.subjectSUBNATIONAL DEFICITS
dc.subjectSUBNATIONAL GOVERNMENT
dc.subjectSUBNATIONAL GOVERNMENTS
dc.subjectTAX ASSIGNMENT
dc.subjectTAX BURDEN
dc.subjectTAX REFORM
dc.subjectTAX REVENUE
dc.subjectTAX SHARING
dc.subjectTAX SYSTEM
dc.subjectTREASURY
dc.subjectTURNOVER TAXES
dc.subjectUNFUNDED MANDATES
dc.subjectUTILITIES
dc.subjectVOTING
dc.subjectWAGES
dc.subjectWATER SUPPLY
dc.titleBrazil : Issues in Fiscal Federalismen
dspace.entity.typePublication
okr.date.doiregistration2025-05-07T09:07:10.432192Z
okr.doctypeEconomic & Sector Work::Pre-2003 Economic or Sector Report
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2002/06/1807519/brazil-issues-fiscal-federalism
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeGovernance
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid264581468770390692
okr.identifier.externaldocumentum000094946_02061904004610
okr.identifier.internaldocumentum1807519
okr.identifier.report22523
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2002/07/02/000094946_02061904004610/Rendered/PDF/multi0page.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryBrazil
okr.sectorPublic Administration, Law, and Justice :: Central government administration
okr.sectorPublic Administration, Law, and Justice :: Public administration- Finance
okr.themeEconomic management :: Macroeconomic management
okr.themeEconomic management :: Other economic management
okr.themePublic sector governance :: Decentralization
okr.themePublic sector governance :: Public expenditure, financial management and procurement
okr.themePublic sector governance :: Other public sector governance
okr.topicBanks and Banking Reform
okr.topicUrban Development::Urban Economics
okr.topicGovernance::National Governance
okr.topicPublic Sector Economics and Finance
okr.topicUrban Development::Municipal Financial Management
okr.topicFinance and Financial Sector Development
okr.volume1
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