As a result, Brazil has adopted a policy to keep local interest rates high to offset a very lax fiscal stance.

FORBES: Emerging Markets For The Timid

The central bank, which has kept interest rates high to offset lax fiscal policy, is in a policy bind: even higher rates might attract a destabilising amount of speculative capital, while lower rates would fuel domestic demand and imports, pushing the current-account deficit higher.

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They command such high salaries, in part, to offset their high cost of living.

FORBES: Fairness and Taxes