Uma análise sobre o comportamento da dívida dos estados após o refinanciamento de dívidas estaduais sob a lei nº 9.496 entre os anos 1997 e 2010

Resumo

The indebtedness of the Brazilian federal governments is one of the points of constant attention when assessing the country's public finances. The high percentage of participation in the total Brazilian debt since previous periods of implementation of the Real Plan in 1994, resulted in the need for Union action in order to make the states' financial situation viable. One of these moments was marked by the refinancing of state debts that occurred in 1996 under the implementation of Law 9,496. The objective of this paper is to try to analyze the financial and fiscal behavior of the states after the 1996 renegotiation event by analyzing the non-presence of the state in the renegotiation event and the volume traded by those who participated. The method used was the estimation of panel data with fixed effects for the period between 1997 and 2010 based on the existing literature, using the debt variation and the primary result as a percentage of the states' GDP as dependent variables. It appears that the financial behavior of the states is correlated with the fact that the state did not participate in the refinancing event when considering the implementation of the Fiscal Responsibility Law in 2000. In addition to being also correlated with the electoral period and GDP per capita of the states. For the fiscal behavior of the states, there is a strong correlation with the implementation of the Fiscal Responsibility Law, repressing the behavior of the other variables in the proposed model.

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:10438/29769

Temas

EconomiaFinanças Públicas

Palavras-chave

State debtLaw 9.494State debt refinancingDívida estadualLei nº 9.494Refinanciamento de dívida estadualLRFEconomiaFinança públicas - BrasilDívida públicaDívida - RenegociaçãoBrasil. [Lei de responsabilidade fiscal (2000)]Estados brasileiros