"The authors describe the main trends of Brazil's fiscal policy during the past decade and analyze (1) the ability to raise the primary surplus in response to external shocks, (2) the pro-cyclical nature of fiscal policy, and (3) the long-run impact of government expenditure composition and...

Introduction -- The dark before the dawn -- An oil and gas renaissance -- Economic impact -- The demand side of the ledger -- Regional and sectoral effects -- Environmental costs and benefits -- Trade policy considerations -- Conclusions