Price Controls and Fiscal Policy

BRAZIL ECONOMICS - Report 04 Nov 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
The fiscal result for September was disastrous. The consolidated public sector (central plus state and municipal governments) recorded a primary deficit of R$ 9 billion. This lowered the primary surplus in proportion to GDP to 1.6% against 1.8% in August. After correcting the official figures for accounting tricks, the primary surplus was only 1% of GDP (Graph 1). This big discrepancy between the official result and the “maneuverless” result only heightens the uncertainty about the government’s true fiscal effort. In this text, we will show that, besides this, the current fiscal policy help...

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