文章基本信息

标题：The Interaction of Monetary and Fiscal Policy: The Brazilian Case
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作者：Tito Belchior Silva Moreira ; Fernando Antônio Ribeiro Soares ; Adolfo Sachsida 等
期刊名称：Modern Economy
印刷版ISSN：2152-7245
电子版ISSN：2152-7261
出版年度：2011
卷号：2
期号：2
页码：114-123
DOI：10.4236/me.2011.22016
出版社：Scientific Research Publishing
摘要：We tested, empirically, whether the Brazilian fiscal policy for the period between 1995:I to 2008:III was active or passive. To analyze fiscal policy transmission mechanisms, we estimated functions by which the public debt/GDP ratio affects investment, primary surplus, output gap and the demand for money. The ratio of public debt to GDP was found to be statistically significant, positively affecting the demand for money and the primary surplus, whereas it was found to negatively affect the level of investment and the output gap. We conclude that the Brazilian regime was non-Ricardian in the context of fiscal dominance.
关键词：Active and Passive Policies; Non-Ricardian Regime; Public Debt and Fiscal Dominance Regime