Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions

Detalhes bibliográficos
Autor(a) principal: Simonassi, Andrei Gomes
Data de Publicação: 2021
Outros Autores: Gondim Filho, Jurandir Gurgel, Arraes, Ronaldo de Albuquerque e
Tipo de documento: Artigo
Idioma: por
Título da fonte: Nova Economia (Online)
Texto Completo: https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6448
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. Keywords indebtedness; investments, reaction function, costing, panel data. JEL Codes: H7; H72; H74; C23
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spelling Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functionsENDEUDAMIENTO Y INVERSIONES DE LOS GOBIERNOS SUBNACIONALES EN BRASIL: UN ANÁLISIS MEDIANTE FUNCIONES DE REACCIÓNEndividamento e investimentos dos governos subnacionais no Brasil: uma análise via funções de reaçãoThe 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. Keywords indebtedness; investments, reaction function, costing, panel data. JEL Codes: H7; H72; H74; C23El artículo investiga la solvencia y sostenibilidad de la política de inversión llevada a cabo por los gobiernos subnacionales en Brasil entre 2008 y 2016, limitada por cambios en la contabilidad pública que evitan la comparación de algunas partidas de los ingresos públicos al incluir 2017. En cuanto a la nueva metodología de evaluación la capacidad de pago de los gobiernos subnacionales en Brasil (CAPAG), se realiza un análisis empírico, adaptando la propuesta de Bohn (1998 y 2007). Los resultados en cuatro especificaciones de funciones de reacción fiscal dan fe de la insostenibilidad de la política fiscal de los estados, una política fiscal inocua de las principales ciudades al utilizar los gastos comprometidos, pero evidencia de un comportamiento solvente en el uso de los valores establecidos por estas administraciones. Finalmente, para estos dos niveles de gobierno se verifica el ciclo virtuoso de inversiones, que confirman factibles incrementos en los ingresos que se superponen a los respectivos incrementos por costeo de las inversiones. Palabras clave: Deuda, Inversiones, Función de reacción, Costeo, Datos de panel.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. Palavras-chave endividamento, investimentos, função de reação, custeio; dados em painel. Códigos JEL: H7; H72; H74; C23Departamento de Ciências Econômicas da UFMG2021-12-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6448Nova Economia; Vol. 31 No. 3 (2021): Revista Nova Economia; 783-807Nova Economia; v. 31 n. 3 (2021): Revista Nova Economia; 783-8071980-53810103-6351reponame:Nova Economia (Online)instname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGporhttps://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6448/3643Copyright (c) 2021 Andrei Gomes Simonassi, Jurandir, Ronaldo Arraeshttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSimonassi, Andrei GomesGondim Filho, Jurandir GurgelArraes, Ronaldo de Albuquerque e2022-05-19T02:13:57Zoai:ojs.pkp.sfu.ca:article/6448Revistahttps://revistas.face.ufmg.br/index.php/novaeconomiaPUBhttps://revistas.face.ufmg.br/index.php/novaeconomia/oai||ne@face.ufmg.br1980-53810103-6351opendoar:2022-05-19T02:13:57Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)false
dc.title.none.fl_str_mv Indebtedness and investments of subnational governments in Brazil: an analysis by reaction functions
ENDEUDAMIENTO Y INVERSIONES DE LOS GOBIERNOS SUBNACIONALES EN BRASIL: UN ANÁLISIS MEDIANTE FUNCIONES DE REACCIÓN
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
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
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. Keywords indebtedness; investments, reaction function, costing, panel data. JEL Codes: H7; H72; H74; C23
publishDate 2021
dc.date.none.fl_str_mv 2021-12-30
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6448
url https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6448
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://revistas.face.ufmg.br/index.php/novaeconomia/article/view/6448/3643
dc.rights.driver.fl_str_mv Copyright (c) 2021 Andrei Gomes Simonassi, Jurandir, Ronaldo Arraes
http://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2021 Andrei Gomes Simonassi, Jurandir, Ronaldo Arraes
http://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Departamento de Ciências Econômicas da UFMG
publisher.none.fl_str_mv Departamento de Ciências Econômicas da UFMG
dc.source.none.fl_str_mv Nova Economia; Vol. 31 No. 3 (2021): Revista Nova Economia; 783-807
Nova Economia; v. 31 n. 3 (2021): Revista Nova Economia; 783-807
1980-5381
0103-6351
reponame:Nova Economia (Online)
instname:Universidade Federal de Minas Gerais (UFMG)
instacron:UFMG
instname_str Universidade Federal de Minas Gerais (UFMG)
instacron_str UFMG
institution UFMG
reponame_str Nova Economia (Online)
collection Nova Economia (Online)
repository.name.fl_str_mv Nova Economia (Online) - Universidade Federal de Minas Gerais (UFMG)
repository.mail.fl_str_mv ||ne@face.ufmg.br
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