Inflationary bias and state owned financial institutions

Detalhes bibliográficos
Autor(a) principal: Novaes, Walter
Data de Publicação: 1994
Outros Autores: Werlang, Sérgio Ribeiro da Costa
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/768
Resumo: This article explains why the existence of state owned financial institutions makes it more difficult for a country to balance its budget. We show that states can use their financiaI institutions to transfer their deficits to the federal govemment. As a result, there is a bias towards Iarge deficits and high inflation rates. Our model also predicts that state owned financiaI institutions should underperform the market, mainly because they concentrate their portfolios on non-performing loans to their own shareholders, that is, the states. Brazil and Argentina are two countries with a history of high inflation that confirm our predictions .
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spelling Novaes, WalterWerlang, Sérgio Ribeiro da CostaEscolas::EPGEFGV2008-05-13T15:33:32Z2008-05-13T15:33:32Z1994-060104-8910http://hdl.handle.net/10438/768This article explains why the existence of state owned financial institutions makes it more difficult for a country to balance its budget. We show that states can use their financiaI institutions to transfer their deficits to the federal govemment. As a result, there is a bias towards Iarge deficits and high inflation rates. Our model also predicts that state owned financiaI institutions should underperform the market, mainly because they concentrate their portfolios on non-performing loans to their own shareholders, that is, the states. Brazil and Argentina are two countries with a history of high inflation that confirm our predictions .engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;242Todo 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/openAccessInflationary bias and state owned financial institutionsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaInstituições financeirasEconomiareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000061883.pdf000061883.pdfapplication/pdf1215957https://repositorio.fgv.br/bitstreams/94f98d24-6987-4f76-9481-2669601842e3/downloadb0e0c9f421383d125dd1836dfd74fe95MD51TEXT000061883.pdf.txt000061883.pdf.txtExtracted texttext/plain64102https://repositorio.fgv.br/bitstreams/b6e1676c-9486-4f0e-826d-62fb2babe362/download939f928f28b6c24ea9d264d57b1cea0fMD56THUMBNAIL000061883.pdf.jpg000061883.pdf.jpgGenerated Thumbnailimage/jpeg2340https://repositorio.fgv.br/bitstreams/d71a2426-280a-4a4c-9172-c00f67b3b6ae/download852bf6483a68080a568f452eb4a5dfd1MD5710438/7682023-11-08 20:18:17.885open.accessoai:repositorio.fgv.br:10438/768https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-08T20:18:17Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false
dc.title.eng.fl_str_mv Inflationary bias and state owned financial institutions
title Inflationary bias and state owned financial institutions
spellingShingle Inflationary bias and state owned financial institutions
Novaes, Walter
Economia
Instituições financeiras
Economia
title_short Inflationary bias and state owned financial institutions
title_full Inflationary bias and state owned financial institutions
title_fullStr Inflationary bias and state owned financial institutions
title_full_unstemmed Inflationary bias and state owned financial institutions
title_sort Inflationary bias and state owned financial institutions
author Novaes, Walter
author_facet Novaes, Walter
Werlang, Sérgio Ribeiro da Costa
author_role author
author2 Werlang, Sérgio Ribeiro da Costa
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 Novaes, Walter
Werlang, Sérgio Ribeiro da Costa
dc.subject.area.por.fl_str_mv Economia
topic Economia
Instituições financeiras
Economia
dc.subject.bibliodata.por.fl_str_mv Instituições financeiras
Economia
description This article explains why the existence of state owned financial institutions makes it more difficult for a country to balance its budget. We show that states can use their financiaI institutions to transfer their deficits to the federal govemment. As a result, there is a bias towards Iarge deficits and high inflation rates. Our model also predicts that state owned financiaI institutions should underperform the market, mainly because they concentrate their portfolios on non-performing loans to their own shareholders, that is, the states. Brazil and Argentina are two countries with a history of high inflation that confirm our predictions .
publishDate 1994
dc.date.issued.fl_str_mv 1994-06
dc.date.accessioned.fl_str_mv 2008-05-13T15:33:32Z
dc.date.available.fl_str_mv 2008-05-13T15:33:32Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/768
dc.identifier.issn.none.fl_str_mv 0104-8910
identifier_str_mv 0104-8910
url http://hdl.handle.net/10438/768
dc.language.iso.fl_str_mv eng
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dc.relation.ispartofseries.por.fl_str_mv Ensaios Econômicos;242
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
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