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Assaf Razin and Efraim Sadka

elections with a possibility of regime change. Recently, to tackle the crisis Brazil raised its primary surplus target to 3.75-4.25 percent of GDP; as in our model, in the preceding section. Whether Brazil can return to robust growth seems to depend crucially on whether lower interest rates can be restored, as in our model. REFERENCES Calvo , Guillermo , 1988 , “Servicing the Public Debt: The Role of Expectations,” American Economic Review , Vol. 78 ( September ), pp. 647 – 61 . Economist , 2003 , “Let Go of Nanny,” February 8

Mr. Joonkyu Park

-Term Duration and Low Turnover 2. Recent Developments in Equity Market 3. Peer Comparison of Equity Market 4. Industrial Composition of Stock Exchanges 5. Investor Composition in IPO and Stock Trading 6. Foreign Investors’ Share in Market Capitalization 7. Profile of Government Bonds 8. Average Maturity of Government Bonds 9. Investor Base for Fixed Rate Bonds 10. Each Investor Group’s Preference on Government Bonds (As of April 2012) 11. Private Bond Issuance and Investor Composition 12. Corporate Financing during the Crisis: Brazil 13. Corporate Bond

Mr. Joonkyu Park
Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. During the last decade, Brazil has achieved substantial progress in capital market development. The menu of available financial instruments has been expanded, market infrastructure has been reformed and strengthened, and a diversified investor base has been built. Nonetheless, Brazil’s capital markets are still facing a number of challenges including prevalent short-term indexation, investors’ risk aversion to long-term fixed rate bonds, still low liquidity in the secondary market, and managing the role of BNDES. A shift to a lower yield curve environment should continue to gradually take place. But further progress will require continued policy effort to assure macro stability and financial sector reforms to promote the development of longer-term private finance.
Mr. George Kopits
An overview of crisis episodes in emerging-market economies with a pegged exchange rate regime in the 1990s suggests that sizable explicit or implicit government deficits, or market perceptions of lack of fiscal sustainability, render these economies vulnerable to currency crises under high capital mobility. It is argued in the paper that vulnerability to crisis can be mitigated by signaling a phased fiscal adjustment that involves credible implementation of key structural measures. In particular, fiscal policy rules, such as the ones being adopted in a number of emerging-market economies, constitute a potentially useful tool of crisis prevention.
International Monetary Fund
This Note Purchase Agreement (the "Agreement") is entered into between the Federative Republic of Brazil ("Brazil") and the International Monetary Fund (the "Fund"). Where specified in this Agreement, Banco Central do Brasil ("BCB") shall act as agent for Brazil in order to carry out the operations with the Fund herein described. In those cases, the Fund shall be entitled to consider any request, representation or notification from or to the BCB, or any consultation with the BCB, as constituting, respectively, a request, representation or notification from or to, or consultation with, Brazil.