Inside the Finances of Indian States: A Reality Check

For finance to consistently grow as a proportion of GDP, either it is simply upping its take — which might be reasonable within bounds, but raises questions of adequate competition in the sector and of possible regulatory capture — or it is making more and more MBS-like time bombs. It is spinning off flows of toxic financial exposure, of whose valu

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One of the fundamental underlying problems was that Brazil’s public finances were weak. The scale of emergency grant payments in 2020 had left the administration with a gigantic fiscal hole, increasing the size of the nominal deficit from 5.8 per cent of GDP at the end of 2019 to 13.7 per cent by the end of 2020. The decision to renew the grant in

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