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.

English Spanish

Brazilian fiscal institutions: The Cardoso reforms, 1995-2002

This paper looks at Brazil’s fiscal policy during the two administrations of President Fernando Henrique Cardoso: 1995-1998 and 1998-2002. It stresses that the authorities’ austere attitude was as important as institutional and structural reform for the fiscal adjustment that followed the 1998-1999 crisis. The principal cause of the fiscal deterioration in 1995-1998 was the reduction in the primary balance rather than the increase in the interest burden, while the fiscal adjustment in 1999-2002 was largely due to increased revenues, as primary public expenditure by the federal government continued to grow in real terms. We consider the outlook for fiscal sustainability and conclude that, to preserve the country’s hard-won fiscal discipline, the austere fiscal attitude shown recently by the authorities should be permanently embedded into fiscal institutions.

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