Weisman, EthanBlanco, Fernando2012-08-132012-08-132007-03https://hdl.handle.net/10986/10298Fiscal circumstances in Brazil are a key constraint to faster and more robust economic growth. In part, this is due to accumulated public sector deficits in earlier periods that are represented in Brazil's persistently high net public sector debt (currently about 50 percent of GDP). During the 1980s and mid-1990s high debt was associated with debt crises and hyperinflation. Budget rigidity, especially revenue earmarking, restricts policy action to resolve the fiscal conundrum.CC BY 3.0 IGOACCUMULATION OF DEBTADMINISTRATIVE REFORMSBALANCE SHEETBORROWINGBUDGET LAWBUDGET PROCESSBUDGETINGCAPITAL ACCUMULATIONCAPITAL MARKETSCAPITAL SUBSIDIESCONTINGENT LIABILITIESCONTRIBUTIONSCORPORATE INCOME TAXESDEBTDEBT ACCUMULATIONDEBT CRISESDEBT REDUCTIONDEBT SERVICINGDEBT STOCKDISABILITYDOMESTIC DEBTDOMESTIC FINANCIAL MARKETEARLY RETIREMENTEVASIONEXPENDITURESFINANCE EDUCATIONFINANCIAL MANAGEMENTFINANCIAL MARKETFISCAL ADJUSTMENTFISCAL CONSTRAINTFISCAL CONSTRAINTSFISCAL DEFICITSFISCAL SURPLUSGOVERNMENT CONSUMPTIONGOVERNMENT SPENDINGGOVERNMENT SUBSIDIESHEALTH SPENDINGHUMAN RESOURCEINCOMEINCOME TAXESINCOMESINDEBTEDNESSINFLATIONINFRASTRUCTURE INVESTMENTINSTITUTIONAL CAPACITIESINSTRUMENTINTEREST PAYMENTSINTEREST RATESINVESTMENT STRATEGYMINIMUM WAGEMINIMUM WAGESMUNICIPALITIESNATIONAL GOVERNMENTSPENSIONPENSION BENEFITSPENSION REFORMSPENSION SPENDINGPENSION SYSTEMPENSIONERSPORTFOLIOPRIVATE CAPITALPRIVATE INVESTMENTPRIVATE SECTORPRIVATE SECTOR INVESTMENTPRIVATIZATIONPUBLICPUBLIC DEBTPUBLIC EXPENDITUREPUBLIC INVESTMENTPUBLIC INVESTMENTSPUBLIC SECTORPUBLIC SECTOR DEBTPUBLIC SECTOR DEFICITSPUBLIC SECTOR MANAGEMENTPUBLIC SERVANTSPUBLIC SPENDINGREAL ECONOMIC GROWTHREAL TERMSRESOURCE MANAGEMENTRETIREMENTRETIREMENT AGERETIREMENT BENEFITSSALARIESSOCIAL ASSISTANCESOCIAL PROTECTIONSOCIAL SECURITYSOCIAL SECURITY BENEFITSSOCIAL SECURITY SPENDINGSOCIAL SERVICESTAXTAX BURDENTAX REVENUETAXATIONWELFARE STATESWorld Bank10.1596/10298