Brazil is losing its fiscal policy compass by Teresa Ter-Minassian published by Vox.LACEA (6/2013). “The last few years have seen an unfortunate deterioration of the credibility and quality of fiscal policy in Brazil, as the government has increasingly resorted to creative accounting practices in an attempt to mask a largely current expenditures-driven deterioration in the fiscal performance… Brazil’s main countercyclical fiscal response to the 2008-09 global financial crisis took the form of a massive increave in directed lending by Nacional Development Bank (BNDES). supported by loans from the natural Treasury…”
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