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A Straitjacket to Help Brazil Fight Fiscal Obesity

Brazil's GDP contraction since mid-2014 has multiple non-fiscal roots - Canuto (2016a; 2014) - but it has morphed into an unsustainable fiscal trajectory (Canuto, 2016b). Dealing with the latter has become a precondition for full economic recovery and the Brazilian government has submitted to Congress a constitutional amendment bill mandating a public spending cap for the next 20 years.
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