Governança fiscal num contexto de elevada rigidez da despesauma análise da aderência do caso brasileiro aos padrões internacionais

Resumo

The Fiscal Responsibility Law (LRF) represents the basis of the advance of the fiscal governance framework in force in the country, by introducing rules and mechanisms that aim to strengthen responsibility in the conduct of public finances and the control of indebtedness by public entities, based on the international experience in the adoption of fiscal rules and other mechanisms to deal with the causes of the deficit bias. However, dysfunctions and failures of traditional fiscal rules to achieve objectives, according to recent international experience, have led to advances in the fiscal governance agenda, encompassing both the redesign of fiscal rules and the adoption of mechanisms and institutional arrangements to support a greater effectiveness. In the Brazilian case, the generalized increase of budgetary spending, marked by a high degree of rigidity, was the main cause of the deterioration of the fiscal position observed in recent years, resulting in the diagnosis that the fiscal governance structure in force in terms of the LRF did not have adequate institutional apparatus to contain this tendency. This diagnosis culminated in the adoption, through Constitutional Amendment 95/2016, of a ceiling for public spending, constituting a new fiscal rule that aims to limit the growth of primary expenditure in the case of the Union. In the same year, the Independent Fiscal Institution was created within the Federal Senate Structure. According to the adherence analysis made in the present study, it is verified that such advances confer a greater alignment of the Brazilian fiscal governance framework to the recent international experience and increase the chances of achieving the main objective of a fiscal governance structure, which is to create conditions so that fiscal discipline can be achieved with a view to the sustainability of public finances. However, it is concluded that there is still room to move forward in the fiscal governance agenda, especially with regard to the widening of the time frame on which budgeting is based and the search for a countercyclical fiscal policy bias. In addition, it is concluded that the expenditure rigidity will continue to represent a challenge for the effectiveness of the Brazilian fiscal governance structure, even in the face of full convergence towards international best practice.

Ficha do documento

Tipo

Outro

Ano

2018

Instituição

Ipea

Fonte

Repositório do Ipea

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.ipea.gov.br:11058/19235

Licença

Licença Padrão Ipea

Abrangência

Brasil

Temas

Finanças PúblicasGovernança

Palavras-chave

Finanças Públicas. Bancos. Relações Monetárias InternacionaisPolítica fiscalDespesa orçamentáriaGovernança fiscalRegras fiscaisRigidez da despesaLei de Responsabilidade Fiscal (LRF)