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Under a monetary dominant (MD) regime, the primary surplus adjusts to limit debt growth, permitting monetary policy to be conducted independently of fiscal financing requirements. In Brazil, some evidence favors an MD regime for 1995–97, but not for the decade of the 1990s as a whole. While fiscal adjustments of 1999 yielded a primary surplus of about 3 percent of GDP, consistent with solvency, a credible MD regime would require further adjustments of the primary surplus if debt increases, growth falls, or interest rates rise.

Banks and Banking --- Exports and Imports --- Finance: General --- Macroeconomics --- Public Finance --- Interest Rates: Determination, Term Structure, and Effects --- International Lending and Debt Problems --- Bankruptcy --- Liquidation --- Debt --- Debt Management --- Sovereign Debt --- Fiscal Policy --- Finance --- International economics --- Public finance & taxation --- Real interest rates --- Interest payments --- Solvency --- Public debt --- Fiscal consolidation --- Financial services --- External debt --- Financial sector policy and analysis --- Fiscal policy --- Interest rates --- Debt service --- Debts, Public --- Brazil