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World Bank (2021, July 19). World Bank Group’s $ 157 Billion Pandemic Surge Is Largest Crisis Response in Its History.
https://www.worldbank.org

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• TITLE: Assessing Brazil’s Fiscal Deficit Financing Strategy during the COVID-19 Pandemic

  AUTHORS: Margarida Gutierrez, Antonio Luis Licha, Raul Gouvea

  KEYWORDS: Fiscal Deficit Financing, Brazil, COVID-19 Pandemic

  JOURNAL NAME: Modern Economy, Vol.14 No.11, November 22, 2023

  ABSTRACT: The purpose of this paper is to analyze the financial channels to finance Brazil’s fiscal expansion during the COVID-19 pandemic. We emphasize the changes in the financing conditions of Brazil’s fiscal deficit, showing that an increase in government’s expenditures resulted in the expansion of Brazil’s monetary base and in Brazil’s Central Bank open market operations. Moreover, we developed a financial agent model to demonstrate how the transmission mechanisms led to the monetary financing of Brazil’s fiscal strategy during the COVID-19 pandemic.