Suchergebnisse

This Review measures the level and composition of support to Brazilian agriculture, and evaluates the effectiveness of current measures in attaining their objectives. The study finds that Brazil provides much lower support to its agricultural sector than most OECD countries. However, a large and increasing share of that support is provided in the form of credit subsidies; support which could be more productively oriented to areas such as research and extension, training, and the development of rural infrastructure. A greater focus on such long-term investments could help Brazil to address the

Cover -- CONTENTS -- THE RECOVERY IS UNDERWAY, BUT RISKS REMAIN -- POLICY DISCUSSIONS -- A. Accelerating Fiscal Consolidation -- B. Maintaining an Accommodative Monetary Stance -- C. Preserving External Balance -- D. Making the Financial System More Efficient -- E. Boosting Potential Growth -- F. Responding to Shocks -- G. Strengthening Governance -- AUTHORITIES' VIEWS -- STAFF APPRAISAL -- BOXES -- 1. Labor Markets and Informality -- 2. Fiscal Measures -- 3. Rightsizing the Government Wage Bill -- 4. FDI Inflows to Brazil -- 5. Real Wages, Labor Productivity, and External Competitiveness -- 6. Determinants of Financial Intermediation (in)Efficiency -- 7. Structural Reform Priorities for Brazil -- 8. Setting a High Bar Against Corruption -- FIGURES -- 1. Recent Economic Developments -- 2. Monetary Sector -- 3. Fiscal Policy -- 4. External Sector -- 5. Financial Sector -- 6. External Debt Sustainability Bound Test -- TABLES -- 1. Selected Economic Indicators, 2016-23 -- 2. Balance of Payments, 2016-23 -- 3. Main Fiscal Indicators, 2016-23 -- 4. Depository Corporations and Monetary Aggregates, 2014-17 -- 5. Medium-Term Macroeconomic Framework, 2016-23 -- 6. External Vulnerability Indicators, 2014-18 -- 7. Financial Soundness Indicators, 2012-17 -- 8. External Debt Sustainability Framework, 2013-23 -- APPENDICES -- I. Risk Assessment Matrix -- II. External Sector Assessment 2017 -- III. Implementation of Past Advice -- IV. FSAP Key Recommendations -- V. Fiscal Rules in Brazil -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH OTHER INTERNATIONAL FINANCIAL INSTITUTIONS -- STATISTICAL ISSUES

Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- INTRODUCTION -- FUND MANAGEMENT -- A. Market Structure -- B. Regulation -- C. Authorization -- D. Supervision -- E. Systemic Risk Monitoring -- BOXES -- 1. ANBIMA -- 2. BCB/CVM Work on "Step-in" Risk -- FIGURES -- 1. Distribution of AUM by Investor Type -- 2. Asset Composition -- TABLES -- 1. Main Recommendations -- 2. Investment Fund Types in Brazil -- 3. Investment Funds and Investor Profile -- 4. Portfolio Concentration Limits by Type of Issuer -- 5. Portfolio Concentration Limits by Financial Asset Type -- 6. Number of Inspected Participants and Products -- 7. Number of Inspected Participants-Routine Versus On-Demand.

Cover -- CONTENTS -- CONTEXT: MODERATE RECOVERY AMID FISCAL RISKS -- POLICY DISCUSSIONS -- A. Fiscal Consolidation is Essential to Ensure Debt Sustainability -- B. Monetary Policy Should Remain Accommodative -- C. Preserve External Buffers -- D. Banks are Resilient, but Interest Margins Remain High -- E. Structural Reforms are Vital to Raise Potential Growth -- F. Risks and Policy Responses -- G. Strengthening Anti-Corruption and Anti-Money Laundering Frameworks -- STAFF APPRAISAL -- BOXES -- 1. Reforming a Fiscally Unsustainable and Inequitable Pension System -- 2. Pre-salt: A Game-changer in the Brazilian Oil Sector -- 3. Assessing Reserve Adequacy in Brazil -- 4. Sensitivity of Potential GDP Growth for Brazil -- FIGURES -- 1. Recent Economic Developments -- 2. Monetary Sector Developments -- 3. Fiscal Policy -- 4. External Sector -- 5. Financial Sector -- 6. External Debt Sustainability Bound Tests -- TABLES -- 1. Selected Economic Indicators, 2017-24 -- 2. Balance of Payments, 2017-24 -- 3. Main Fiscal Indicators, 2017-24 -- 4. Depository Corporations and Monetary Aggregates, 2014-18 -- 5. Medium-Term Macroeconomic Framework, 2017-24 -- 6. External Vulnerability Indicators, 2014-19 -- 7. Financial Soundness Indicators, 2014-18 -- 8. External Debt Sustainability Framework, 2014-24 -- APPENDICES -- I. Risk Assessment Matrix -- II. External Sector Assessment 2018 -- III. Implementation of Past Advice -- IV. Implementation of Key FSAP Recommendations -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH OTHER INTERNATIONAL FINANCIAL INSTITUTIONS -- STATISTICAL ISSUES.

Cover -- CONTENTS -- Glossary -- EXECUTIVE SUMMARY -- THE STRUCTURE OF BRAZIL'S KEY LIQUIDITY MARKETS -- A. Money and Fixed Income Markets -- B. The Foreign Exchange Market -- THE AUTHORITIES' APPROACH TO MANAGING LIQUIDITY -- A. The BCB's Monetary Policy Operational Framework -- B. Foreign Exchange Intervention -- C. Government Bond Market Liquidity Support -- KEY ISSUES OF RELEVANCE TO FINANCIAL STABILITY -- A. The Reliance of Markets on the BCB -- B. The Development of The FX Spot Market -- C. The Representativeness of Key Money Market Benchmarks -- D. Market Maker of Last Resort -- SUMMARY AND RECOMMENDATIONS -- BOXES -- 1. Specification of the Key CDI and SELIC Overnight Benchmarks -- 2. Proposed Changes to the BCB's Distribution and Capital Policies -- 3. International Experiences with Term Deposit Auctions -- 4. The Potential Need for Alternative Sterilization Instruments -- 5. A Preliminary Assessment of SELIC And CDI Versus the IOSCO Benchmark Principles -- FIGURES -- 1. Structure of Key Liquidity Markets -- 2. Foreign Exchange Markets and Intervention -- 3. BCB Liquidity Management and Bond Market Interventions -- 4. Flow of Funds in the Money Markets -- TABLES -- 1. Brazil FSAP-Systemic Liquidity-Key Recommendations -- 2. Overview of the Brazilian Money and Fixed Income Markets -- 3. Indexation of Money Market Instruments -- 4. Interest Rate Derivatives Markets.

Cover -- CONTENTS -- PROFITABILITY AND DETERMINANTS OF FX INTERVENTION IN BRAZIL -- A. Introduction -- B. Average Profitability of FX Swaps -- C. Determinants of FX Intervention -- D. Conclusion -- References -- FIGURES -- 1. Outstanding Stock, Auction Size, and Maturity of FX Swaps -- 2. Cumulated Net Revenues on FX Swaps for the Central Bank -- TABLES -- 1. Expected Returns on FX Swaps Using Delayed Surveys -- 2. Value of Swaps Sold in a Given Auction over Financial Variables -- LIQUIDITY MANAGEMENT AND PUBLIC DEBT: INSTITUTIONS, UNFORESEEN CONSEQUENCES, AND RECENT REFORMS -- A. Introduction -- B. The Balance Sheet of the Central Bank of Brazil -- C. A Solid Framework with Unforeseen Consequences -- D. International Experience and the 2019 Reform -- E. Conclusion -- References -- BOX -- 1. Central Bank Operations: International Experience -- FIGURES -- 1. Central Bank Liabilities to the Banking Sector and Central Government -- 2. The BCB's Balance Sheet in International Perspective and Over Time -- 3. Stylized Balance Sheet Dynamics -- 4. Liquidity Drivers -- 5. Liquidity Impact of Fiscal Policy and Debt Rollover Rates -- 6. BCB Results and Transfers to the TSA -- 7. Impact of BCB Profits on Fiscal Operations -- 8. BCB Profit Distribution under the New Framework -- TABLES -- 1. Impact of BCB's Foreign Exchange Operations on Fiscal Operations -- 2. Liquidity Management: International Experience -- ANNEX -- I. An Optimal Cash Buffer for the Government.