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ECONOMIC POLICIES AND PERFORMANCE IN 1985 AND EARLY 1986
THE CRUZADO PLAN AND PROSPECTS FOR STABILIZATION
The Brazilian Public Sector Deficit
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15 percent inflation accelerated accounts agricultural ANNEX annual average balance of payments Bank of Brazil billion BNDES Brazilian budget capital Central Bank CM CM costs Cruzado Plan debt to GDP deflator demand deposits dollar domestic debt economic employment end-February enterprises estimated expenditures exports February federal financeable deficit financial instruments foreign debt GDP ratio Greater Sao Paulo growth IBGE IGP/DI impact imports income industrial inflation tax Interest Bill investment IPCA LBCs major measures Monetary Authority monetary base monetary correction monetary policy money base Monthly months National Monetary Council nominal interest rates November 21 October operational PSBR output percent of GDP price freeze price index private sector production public sector deficit real depreciation real exchange rate real interest rates real wages reduce reform revenues rise Sao Paulo seigniorage gain Source subsidies trade balance trade surplus Treasury U.S. dollar wage adjustments zero inflation