Fiscal space of Brazilian states by Fabiano Bastos and Emilio Pineda published by IDB (8/2013). “…The results suggest that, after a decade of fiscal consolidation, a number of States have fiscal space but there remains significant heterogeneity across States. Going forward, enhancing the role of market incentives and strengthening rules-based approaches govening subnational debt build-up would contribute to a prudent and effective use of existing fiscal space.”
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