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The use of privatization revenues to reduce the public debt aims to refrain an excessive accumulation of the latter …. That is a reason why privatization is so important, working as an auxiliary instrument to the fiscal policy. This work … analyzes the effects of the Brazilian privatization program on the public debt and deficit, focusing the period between 1995 …
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In this paper we investigate the real effects of fiscal policy in Brazil during the 1995-2008 period by estimating a VAR model that explicitly takes into consideration the role of public debt in the determination of fiscal variables, as recommended by Favero and Giavazzi (2007). According to our...
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