What Can Be Expected From Fiscal Policy?

BRAZIL ECONOMICS - Report 02 Dec 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Participants in the financial market have long known that at the moment the rating agencies change a country’s risk rating, the risk premiums remain virtually unchanged. Therefore, from the standpoint of their reflection on asset prices, changes in countries’ ratings are “non-events”. The reason is not that the market gives little importance to these agencies’ judgments. Instead, the market anticipates the behavior of the agencies, and this is reflected in asset prices before the agencies publish their ratings. In the past few months, the rising trend of Brazil’s CDS in relation to those of...

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