Public debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92
Autor(a) principal: | |
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Data de Publicação: | 1997 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/634 |
Resumo: | Using national accounts data for the revenue-GDP and expenditure GDP ratios from 1947 to 1992, we examine two central issues in public finance. First, was the path of public debt sustainable during this period? Second, if debt is sustainable, how has the government historically balanced the budget after hocks to either revenues or expenditures? The results show that (i) public deficit is stationary (bounded asymptotic variance), with the budget in Brazil being balanced almost entirely through changes in taxes, regardless of the cause of the initial imbalance. Expenditures are weakly exogenous, but tax revenues are not;(ii) a rational Brazilian consumer can have a behavior consistent with Ricardian Equivalence (iii) seignorage revenues are critical to restore intertemporal budget equilibrium, since, when we exclude them from total revenues, debt is not sustainable in econometric tests. |
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Issler, João VictorLima, Luiz Renato Regis de OliveiraEscolas::EPGEFGV2008-05-13T15:28:42Z2008-05-13T15:28:42Z1997-060104-8910http://hdl.handle.net/10438/634Using national accounts data for the revenue-GDP and expenditure GDP ratios from 1947 to 1992, we examine two central issues in public finance. First, was the path of public debt sustainable during this period? Second, if debt is sustainable, how has the government historically balanced the budget after hocks to either revenues or expenditures? The results show that (i) public deficit is stationary (bounded asymptotic variance), with the budget in Brazil being balanced almost entirely through changes in taxes, regardless of the cause of the initial imbalance. Expenditures are weakly exogenous, but tax revenues are not;(ii) a rational Brazilian consumer can have a behavior consistent with Ricardian Equivalence (iii) seignorage revenues are critical to restore intertemporal budget equilibrium, since, when we exclude them from total revenues, debt is not sustainable in econometric tests.engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;306Todo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessPublic debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaDívida pública - Brasil - Modelos econométricosEconomiareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000317926.pdf000317926.pdfapplication/pdf1293038https://repositorio.fgv.br/bitstreams/8077c7e0-a1f1-484c-b858-45707290f3eb/downloadea8c48945bc9e64714083725c4b75fc1MD51TEXT000317926.pdf.txt000317926.pdf.txtExtracted texttext/plain63374https://repositorio.fgv.br/bitstreams/026ce621-88ec-4d92-bbb6-a2629d656207/download6999ce0c4310ca760a0c304bc6dbaab7MD56THUMBNAIL000317926.pdf.jpg000317926.pdf.jpgGenerated Thumbnailimage/jpeg2127https://repositorio.fgv.br/bitstreams/cd63d4c5-ec51-43e7-a239-50493968e03a/download7bb5426e48bdbaf7f3df9aaa7f79ea6dMD5710438/6342023-11-09 19:26:58.846open.accessoai:repositorio.fgv.br:10438/634https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-09T19:26:58Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.eng.fl_str_mv |
Public debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92 |
title |
Public debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92 |
spellingShingle |
Public debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92 Issler, João Victor Economia Dívida pública - Brasil - Modelos econométricos Economia |
title_short |
Public debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92 |
title_full |
Public debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92 |
title_fullStr |
Public debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92 |
title_full_unstemmed |
Public debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92 |
title_sort |
Public debt sustainability and endogenous seignorage in Brazil: time-series evidence from 1947-92 |
author |
Issler, João Victor |
author_facet |
Issler, João Victor Lima, Luiz Renato Regis de Oliveira |
author_role |
author |
author2 |
Lima, Luiz Renato Regis de Oliveira |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Issler, João Victor Lima, Luiz Renato Regis de Oliveira |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Dívida pública - Brasil - Modelos econométricos Economia |
dc.subject.bibliodata.por.fl_str_mv |
Dívida pública - Brasil - Modelos econométricos Economia |
description |
Using national accounts data for the revenue-GDP and expenditure GDP ratios from 1947 to 1992, we examine two central issues in public finance. First, was the path of public debt sustainable during this period? Second, if debt is sustainable, how has the government historically balanced the budget after hocks to either revenues or expenditures? The results show that (i) public deficit is stationary (bounded asymptotic variance), with the budget in Brazil being balanced almost entirely through changes in taxes, regardless of the cause of the initial imbalance. Expenditures are weakly exogenous, but tax revenues are not;(ii) a rational Brazilian consumer can have a behavior consistent with Ricardian Equivalence (iii) seignorage revenues are critical to restore intertemporal budget equilibrium, since, when we exclude them from total revenues, debt is not sustainable in econometric tests. |
publishDate |
1997 |
dc.date.issued.fl_str_mv |
1997-06 |
dc.date.accessioned.fl_str_mv |
2008-05-13T15:28:42Z |
dc.date.available.fl_str_mv |
2008-05-13T15:28:42Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/634 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
identifier_str_mv |
0104-8910 |
url |
http://hdl.handle.net/10438/634 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Ensaios Econômicos;306 |
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info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
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