{"id":"https://openalex.org/W3142995138","doi":"https://doi.org/10.7551/mitpress/3759.003.0007","title":"Fiscal Dominance and Inflation Targeting: Lessons from Brazil","display_name":"Fiscal Dominance and Inflation Targeting: Lessons from Brazil","publication_year":2005,"publication_date":"2005-04-15","ids":{"openalex":"https://openalex.org/W3142995138","doi":"https://doi.org/10.7551/mitpress/3759.003.0007","mag":"3142995138"},"language":"en","primary_location":{"id":"doi:10.7551/mitpress/3759.003.0007","doi":"https://doi.org/10.7551/mitpress/3759.003.0007","is_oa":false,"landing_page_url":"https://doi.org/10.7551/mitpress/3759.003.0007","pdf_url":null,"source":{"id":"https://openalex.org/S4306463997","display_name":"The MIT Press eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310315718","host_organization_name":"The MIT Press","host_organization_lineage":["https://openalex.org/P4310315718","https://openalex.org/P4310316440"],"host_organization_lineage_names":["The MIT Press","Massachusetts Institute of Technology"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W618178679","display_name":"Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003"},"type":"book-chapter","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://hdl.handle.net/1721.1/63629","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5037232892","display_name":"Olivier Jean Blanchard","orcid":"https://orcid.org/0000-0003-1308-3207","observed_orcids":["https://orcid.org/0000-0003-1308-3207"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Olivier Blanchard","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5037232892"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":27.4732,"has_fulltext":false,"cited_by_count":107,"citation_normalized_percentile":{"value":0.9937578,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":94,"max":100},"biblio":{"volume":null,"issue":null,"first_page":"49","last_page":"80"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9731000065803528,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9731000065803528,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.01889999955892563,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.0035000001080334187,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/fiscal-dominance","display_name":"fiscal dominance","score":0.9900000095367432},{"id":"https://openalex.org/keywords/inflation-targeting","display_name":"inflation targeting","score":0.996999979019165},{"id":"https://openalex.org/keywords/real-interest-rates","display_name":"real interest rates","score":0.5720000267028809},{"id":"https://openalex.org/keywords/public-debt","display_name":"public debt","score":0.7860000133514404},{"id":"https://openalex.org/keywords/probability-of-default","display_name":"probability of default","score":0.7360000014305115},{"id":"https://openalex.org/keywords/currency-depreciation","display_name":"currency depreciation","score":0.6430000066757202},{"id":"https://openalex.org/keywords/real-appreciation","display_name":"real appreciation","score":0.7429999709129333},{"id":"https://openalex.org/keywords/risk-aversion","display_name":"risk aversion","score":0.9419999718666077},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.4869999885559082},{"id":"https://openalex.org/keywords/fiscal-policy","display_name":"fiscal policy","score":0.949999988079071},{"id":"https://openalex.org/keywords/international-macroeconomics","display_name":"open economy macroeconomics","score":0.7599999904632568}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7950721979141235},{"id":"https://openalex.org/C154815372","wikidata":"https://www.wikidata.org/wiki/Q1140421","display_name":"Real interest rate","level":3,"score":0.6810729503631592},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6663318276405334},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.6442974209785461},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.6150846481323242},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.5535634756088257},{"id":"https://openalex.org/C95383336","wikidata":"https://www.wikidata.org/wiki/Q4198710","display_name":"Depreciation (economics)","level":5,"score":0.5256622433662415},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5214885473251343},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.5141261219978333},{"id":"https://openalex.org/C2778489760","wikidata":"https://www.wikidata.org/wiki/Q12695","display_name":"Government debt","level":3,"score":0.5063222646713257},{"id":"https://openalex.org/C2777883944","wikidata":"https://www.wikidata.org/wiki/Q7543547","display_name":"Small open economy","level":3,"score":0.4611765146255493},{"id":"https://openalex.org/C524878704","wikidata":"https://www.wikidata.org/wiki/Q187021","display_name":"Fiscal policy","level":2,"score":0.434389591217041},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.34354734420776367},{"id":"https://openalex.org/C58202505","wikidata":"https://www.wikidata.org/wiki/Q5035700","display_name":"Capital formation","level":4,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C2776943663","wikidata":"https://www.wikidata.org/wiki/Q165687","display_name":"Human capital","level":2,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C44750222","wikidata":"https://www.wikidata.org/wiki/Q1897397","display_name":"Financial capital","level":3,"score":0.0},{"id":"https://openalex.org/C50522688","wikidata":"https://www.wikidata.org/wiki/Q189833","display_name":"Economic growth","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.7551/mitpress/3759.003.0007","doi":"https://doi.org/10.7551/mitpress/3759.003.0007","is_oa":false,"landing_page_url":"https://doi.org/10.7551/mitpress/3759.003.0007","pdf_url":null,"source":{"id":"https://openalex.org/S4306463997","display_name":"The MIT Press eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310315718","host_organization_name":"The MIT Press","host_organization_lineage":["https://openalex.org/P4310315718","https://openalex.org/P4310316440"],"host_organization_lineage_names":["The MIT Press","Massachusetts Institute of Technology"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Inflation Targeting, Debt, and the Brazilian Experience, 1999 to 2003","raw_type":"book-chapter"},{"id":"pmh:oai:RePEc:nbr:nberwo:10389","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w10389.pdf","pdf_url":"http://www.nber.org/papers/w10389.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:aleph.bib-bvb.de:BVB01-012885941","doi":null,"is_oa":false,"landing_page_url":"http://papers.nber.org/papers/w10389.pdf","pdf_url":"http://papers.nber.org/papers/w10389.pdf","source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"mag:3142995138","doi":null,"is_oa":false,"landing_page_url":"https://ideas.repec.org/p/nbr/nberwo/10389.html","pdf_url":null,"source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"National Bureau of Economic Research","raw_type":null},{"id":"pmh:oai:dspace.mit.edu:1721.1/63629","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/1721.1/63629","pdf_url":null,"source":{"id":"https://openalex.org/S4306400425","display_name":"DSpace@MIT (Massachusetts Institute of Technology)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I63966007","host_organization_name":"Massachusetts Institute of Technology","host_organization_lineage":["https://openalex.org/I63966007"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Working Paper"}],"best_oa_location":{"id":"pmh:oai:dspace.mit.edu:1721.1/63629","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/1721.1/63629","pdf_url":null,"source":{"id":"https://openalex.org/S4306400425","display_name":"DSpace@MIT (Massachusetts Institute of Technology)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I63966007","host_organization_name":"Massachusetts Institute of Technology","host_organization_lineage":["https://openalex.org/I63966007"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc","license_id":"https://openalex.org/licenses/cc-by-nc","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Working Paper"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W1567951861","https://openalex.org/W7095772023","https://openalex.org/W1487034018","https://openalex.org/W2271414943","https://openalex.org/W7029193225","https://openalex.org/W4288786170","https://openalex.org/W1583947682","https://openalex.org/W4289824326","https://openalex.org/W2102708721","https://openalex.org/W2009483497"],"abstract_inverted_index":{"A":[0],"standard":[1],"proposition":[2],"in":[3,11,32,103,107,121,127,157,158,181,203,213,222],"open-economy":[4],"macroeconomics":[5],"is":[6,67,137,149],"that":[7,92,147,190],"a":[8,25,62,114,124,164,182],"central-bank-engineered":[9],"increase":[10,31,102,126],"the":[12,30,33,39,44,46,70,72,77,79,85,87,104,138,150,152,167,170,173,177,195,205,208,216,235,239],"real":[13,26,34,63,105,115,118],"interest":[14,35,106,171,236],"rate":[15,36,237,241],"makes":[16],"domestic":[17,53],"government":[18,54],"debt":[19,55,212],"more":[20,68],"attractive":[21],"and":[22,58,84,160,176,207,215,242],"leads":[23,112,120],"to":[24,51,59,61,109,113,123,141,230],"appreciation.":[27],"If,":[28],"however,":[29],"also":[37],"increases":[38],"probability":[40,178],"of":[41,75,81,89,166,179,210,219,234],"default":[42],"on":[43,238,243],"debt,":[45,76,83],"effect":[47],"may":[48],"be":[49],"instead":[50],"make":[52],"less":[56],"attractive,":[57],"lead":[60],"depreciation.":[64,116],"That":[65],"outcome":[66],"likely":[69],"higher":[71,78,86,110],"initial":[73],"level":[74,206,218],"proportion":[80],"foreign-currency-denominated":[82],"price":[88],"risk.":[90],"Under":[91],"outcome,":[93],"inflation":[94,111],"targeting":[95],"can":[96],"clearly":[97],"have":[98],"perverse":[99,232],"effects:":[100],"An":[101],"response":[108],"The":[117],"depreciation":[119],"turn":[122],"further":[125],"inflation.":[128,143,244],"In":[129],"this":[130,148],"case,":[131],"fiscal":[132],"policy,":[133,136],"not":[134],"monetary":[135],"right":[139],"instrument":[140],"decrease":[142],"This":[144],"paper":[145],"argues":[146],"situation":[151],"Brazilian":[153,198],"economy":[154,185],"found":[155],"itself":[156],"2002":[159],"2003.":[161],"It":[162,192,200],"presents":[163],"model":[165],"interaction":[168],"between":[169],"rate,":[172,175],"exchange":[174,240],"default,":[180],"high-debt":[183],"high-risk-aversion":[184],"such":[186,228],"as":[187,229],"Brazil":[188],"during":[189],"period.":[191],"then":[193],"estimates":[194],"model,":[196],"using":[197],"data.":[199],"concludes":[201],"that,":[202],"2002,":[204],"composition":[209],"public":[211],"Brazil,":[214],"general":[217],"risk":[220],"aversion":[221],"world":[223],"financial":[224],"markets,":[225],"were":[226],"indeed":[227],"imply":[231],"effects":[233]},"counts_by_year":[{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":17},{"year":2021,"cited_by_count":7},{"year":2020,"cited_by_count":5},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":4},{"year":2016,"cited_by_count":6},{"year":2015,"cited_by_count":2},{"year":2013,"cited_by_count":4},{"year":2012,"cited_by_count":5}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2021-04-13T00:00:00"}