Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , |
Tipo de documento: | preprint |
Idioma: | por |
Título da fonte: | SciELO Preprints |
Texto Completo: | https://preprints.scielo.org/index.php/scielo/preprint/view/3396 |
Resumo: | The article investigates the solvency and sustainability of the investment policy carried out by subnational governments in Brazil between 2008 and 2016, limited by changes in public accounting that avoid the comparison of some items of the public revenue when including 2017. Regarding the methodology for assessing the payment capacity of the subnational governments in Brazil (CAPAG), an empirical analysis is conducted, adapting Bohn's proposal (1999 and 2007). The results in four specifications of fiscal reaction functions attest to the unsustainability of the fiscal policy of the states, an innocuous fiscal policy of the main cities when using the committed expenditures, but evidence of a solvent behavior in using the values settled by these administrations. Finally, for these two levels of government, the virtuous cycle of investments is verified, which confirm feasible increases in revenues that overlap the respective increases due to investments’ costing. |
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Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functionsEndividamento e investimentos dos governos subnacionais no Brasil: uma análise via funções de reaçãoendividamentoinvestimentosfunção de reaçãocusteiodados em painelindebtednessinvestmentsreaction functioncostingpanel dataThe article investigates the solvency and sustainability of the investment policy carried out by subnational governments in Brazil between 2008 and 2016, limited by changes in public accounting that avoid the comparison of some items of the public revenue when including 2017. Regarding the methodology for assessing the payment capacity of the subnational governments in Brazil (CAPAG), an empirical analysis is conducted, adapting Bohn's proposal (1999 and 2007). The results in four specifications of fiscal reaction functions attest to the unsustainability of the fiscal policy of the states, an innocuous fiscal policy of the main cities when using the committed expenditures, but evidence of a solvent behavior in using the values settled by these administrations. Finally, for these two levels of government, the virtuous cycle of investments is verified, which confirm feasible increases in revenues that overlap the respective increases due to investments’ costing.Este artigo investiga a solvência e a sustentabilidade da política de investimentos realizada pelos governos subnacionais no Brasil entre 2008 e 2016, limitado pelas alterações na contabilidade pública promovidas pela Secretaria do Tesouro Nacional que impedem a comparação de itens das receitas a partir de 2017 com os dados passados. Considerando a metodologia de avaliação da capacidade de pagamento (CAPAG) da STN para os governos subnacionais no Brasil, conduz-se a análise empírica adaptando a proposta de Bohn (1999; 2007). Os resultados obtidos em quatro especificações para funções de reação fiscal atestam insustentabilidade da política fiscal do setor público dos estados, uma política fiscal inócua das capitais brasileiras quando se consideram os empenhos, mas indícios de um comportamento solvente a partir dos valores liquidados nestas. Adicionalmente, constata-se para as duas esferas de governo o ciclo virtuoso dos investimentos, que viabiliza aumentos de receita que se sobrepõem aos respectivos incrementos de custeio.SciELO PreprintsSciELO PreprintsSciELO Preprints2021-12-29info:eu-repo/semantics/preprintinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://preprints.scielo.org/index.php/scielo/preprint/view/339610.1590/0103-6351/6448porhttps://preprints.scielo.org/index.php/scielo/article/view/3396/6153Copyright (c) 2021 Andrei Gomes Simonassi, Jurandir Gurgel Gondim Filho, Ronaldo de Albuquerque e Arraeshttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSimonassi, Andrei GomesGondim Filho, Jurandir GurgelArraes, Ronaldo de Albuquerque ereponame:SciELO Preprintsinstname:SciELOinstacron:SCI2021-12-28T17:04:10Zoai:ops.preprints.scielo.org:preprint/3396Servidor de preprintshttps://preprints.scielo.org/index.php/scieloONGhttps://preprints.scielo.org/index.php/scielo/oaiscielo.submission@scielo.orgopendoar:2021-12-28T17:04:10SciELO Preprints - SciELOfalse |
dc.title.none.fl_str_mv |
Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions Endividamento e investimentos dos governos subnacionais no Brasil: uma análise via funções de reação |
title |
Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions |
spellingShingle |
Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions Simonassi, Andrei Gomes endividamento investimentos função de reação custeio dados em painel indebtedness investments reaction function costing panel data |
title_short |
Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions |
title_full |
Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions |
title_fullStr |
Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions |
title_full_unstemmed |
Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions |
title_sort |
Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions |
author |
Simonassi, Andrei Gomes |
author_facet |
Simonassi, Andrei Gomes Gondim Filho, Jurandir Gurgel Arraes, Ronaldo de Albuquerque e |
author_role |
author |
author2 |
Gondim Filho, Jurandir Gurgel Arraes, Ronaldo de Albuquerque e |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Simonassi, Andrei Gomes Gondim Filho, Jurandir Gurgel Arraes, Ronaldo de Albuquerque e |
dc.subject.por.fl_str_mv |
endividamento investimentos função de reação custeio dados em painel indebtedness investments reaction function costing panel data |
topic |
endividamento investimentos função de reação custeio dados em painel indebtedness investments reaction function costing panel data |
description |
The article investigates the solvency and sustainability of the investment policy carried out by subnational governments in Brazil between 2008 and 2016, limited by changes in public accounting that avoid the comparison of some items of the public revenue when including 2017. Regarding the methodology for assessing the payment capacity of the subnational governments in Brazil (CAPAG), an empirical analysis is conducted, adapting Bohn's proposal (1999 and 2007). The results in four specifications of fiscal reaction functions attest to the unsustainability of the fiscal policy of the states, an innocuous fiscal policy of the main cities when using the committed expenditures, but evidence of a solvent behavior in using the values settled by these administrations. Finally, for these two levels of government, the virtuous cycle of investments is verified, which confirm feasible increases in revenues that overlap the respective increases due to investments’ costing. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-12-29 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/preprint info:eu-repo/semantics/publishedVersion |
format |
preprint |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://preprints.scielo.org/index.php/scielo/preprint/view/3396 10.1590/0103-6351/6448 |
url |
https://preprints.scielo.org/index.php/scielo/preprint/view/3396 |
identifier_str_mv |
10.1590/0103-6351/6448 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://preprints.scielo.org/index.php/scielo/article/view/3396/6153 |
dc.rights.driver.fl_str_mv |
https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
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https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
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application/pdf |
dc.publisher.none.fl_str_mv |
SciELO Preprints SciELO Preprints SciELO Preprints |
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SciELO Preprints SciELO Preprints SciELO Preprints |
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SciELO |
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SCI |
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SCI |
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SciELO Preprints |
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SciELO Preprints |
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SciELO Preprints - SciELO |
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scielo.submission@scielo.org |
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