This paper discusses the evolution of the Brazilian Public Sector Borrowing Requirements (PSBR) during the 1991/96 period, with special emphasis on what happened in 1995/96. The performance of the several items of revenues and expenditures "above the line" related to the central government and...

The literature on the end of remarkable inflationary processes (Bresciani-Turroni, 1937; Sargent, 1986) calls our attention to one of the favorable aspects of hyperinflations: the fact that high inflation destroys old debts. Because of the central role fiscal deficits play in chronic inflation, the...