1 “... that both the debt ratio and the primary balance are determinants of spreads and credit ratings in Brazil...”

2 “... keeps the primary deficit-to-GDP ratio unchanged from 2017, shows the debt ratio declining at a slower...”

3 “... was used an instrument to stabilize the public debt ratio to one in which the policy instrument stopped...”

4 “..., but improved debt ratio), but also important sectoral growth changes. Investment is now noticeably higher due...”

5

6 “...While debt-financed productive public investment raises a country's debt ratios in the short run...”

7 “... debt stocks and flows, major economic aggregates, key debt ratios, and the currency composition of long...”

8 “... debt stocks and flows, major economic aggregates, key debt ratios, and the currency composition of long...”

9 “... stocks and flows, major economic aggregates, key debt ratios, and the currency composition of long-term...”

10 “... debt stocks and flows, major economic aggregates, key debt ratios, and the currency composition of long...”

11 “... interested in external debt stocks and flows, major economic aggregates, key debt ratios, and the currency...”

12 “... debt stocks and flows, major economic aggregates, key debt ratios, and the currency composition of long...”

13 “... matrix of the shocks to the debt ratios. Second, the assumption of normality of the shocks is dropped...”

14 “... debt stocks and flows, major economic aggregates, key debt ratios, and the currency composition of long...”

15 “... economic aggregates, and key debt ratios, as well as average terms of new commitments, currency composition...”

16 “... economic aggregates, and key debt ratios, as well as average terms of new commitments, currency composition...”

17 “... improved since the last DSA, especially on domestic debt. The external nominal debt ratios are lower than...”

18 “... of National Savings Certificates (NSCs) remains high. Over the medium term, debt ratios are projected...”

19 “... external debt to the World Bank's Debtor Reporting System (DRS). It also includes tables of key debt ratios...”

20 “... debt stocks and flows, aggregates, and key debt ratios, and provides a detailed, country-by-country...”