Brazil: 2012 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Brazil
IMF Staff Country Reports, July 20, 2012
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- Brazil: 2012 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Brazil
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Bibliographic details
- Published: July 20, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475506709.002
Executive summary and macro policy assessment
- A strong policy framework and improved income distribution and social outcomes have been important accomplishments in Brazil.
- Financial stability has been underpinned by a strong banking system and a framework for regulation and supervision.
- Executive Directors commended authorities’ commitment to a strong policy framework, which has delivered a decade of macroeconomic stability and rising living standards.
- Directors welcomed the recent reorientation of the policy mix toward generating fiscal savings and providing monetary countercyclical support.
Key findings on financial sector and stability
- Banking system: identified as strong and a foundational element supporting financial stability.
- Regulation and supervision: described as having a robust framework that underpins stability.
Policy stance and recommendations highlighted
- Fiscal policy: reorientation toward generating fiscal savings emphasized as a welcomed development.
- Monetary policy: providing monetary countercyclical support was noted as part of the recent policy mix reorientation.
Thematic coverage (subjects and keywords)
- Subjects: Banking, Credit, Exchange rates, External debt, Fiscal policy, Fiscal stance, Foreign exchange, Money, Public debt.
- Keywords: Brazil, Brazil's economy, central bank, CR, Credit, credit growth, current account, economy, Europe, exchange rate, Exchange rates, Fiscal stance, foreign direct investment inflow, Global, headline inflation, IMF staff estimate, inflation target range, investment rate, ISCR, rate, saving rate.