Fadiga fiscal dos Estados brasileiros e a sustentabilidade das dívidas estaduais

Resumo

In some contemporary federations, the debt sustainability of subnational entities recurrently causes political conflicts and macroeconomic imbalances. This is the case of the Brazilian federation. Seeking to mitigate the effects of these imbalances on the country's economy, the Brazilian Federal Government developed, especially at the end of the 20th century, several mechanisms for controlling the indebtedness of subnational entities. However, the Federal Government's assessment of the states' financial situation in the context of the authorization process for contracting new debt was not effective in preventing the emergence of serious fiscal crises in some entities. That said, this paper seeks to apply the methodology for assessing the sustainability of public indebtedness and fiscal fatigue developed by Gosh et al (2011) to assess the current financial situation of Brazilian states. The results obtained indicate that it is possible to approximate the function of fiscal reaction to the increase in indebtedness by a quadratic function, but that this approximation has lost explanatory capacity in recent years. In addition, the results indicate that there are many doubts about the solvency of most subnational entities.

Ficha do documento

Tipo

Dissertação

Ano

2020

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/29590

Temas

EconomiaFinanças PúblicasDesenvolvimento RegionalMeio Ambiente

Palavras-chave

Fiscal federalismState debtPublic debtFiscal rulesFiscal sustainabilityFederalismo fiscalEndividamento estadualRegras fiscaisSustentabilidade fiscalDívida públicaEconomiaFederalismo - BrasilRelações tributárias intergovernamentaisFinanças públicasResponsabilidade fiscal