Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data
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Data de Publicação: | 2009 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/34300 |
Resumo: | This study aims to analyze whether the Brazilian LRF - Lei de Responsabilidade Fiscal (Fiscal Responsibility Law), as a mechanism of fiscal restraint, has influenced the debt pattern of cities with more than 100,000 inhabitants, covering the period from 1998 to 2006. In order to reach this goal, two econometric models were built, and the Ordinary Least Squares (OLS) method was used for the calculations. The statistical technique used was the Balanced Panel Data. The first econometric model was used to examine whether there were any alterations in the influence of the financial management variables on debt over time, with the insertion of time dummy variables. The results showed that, in the analyzed period, there was a change in the debt pattern as demonstrated by the variables 'outdated debt' and 'capital structure'. The second econometric model was used to examine whether the alteration of the influence of the financial management variables on debt over time was related to the introduction of the LRF, with the insertion of LRF rule dummies. The results show that, after the introduction of the LRF, the 'outdated debt' suffered loss of explanatory power, while the variable 'capital structure' got increased explanatory power, suggesting that the management of debt and funding sources has become more effective, and debt rollover is no longer a common practice in the municipalities. The results are highly significant, both in relation to the relevance of the selected indicators and the impact of the LRF, confirming the hypothesis guiding this research that the debt of the municipalities was influenced by the LRF. |
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Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data Efeitos da Lei de Responsabilidade Fiscal no endividamento dos Municípios Brasileiros: uma análise de dados em painéis Endividamento PúblicoLei de Responsabilidade FiscalFinanças MunicipaisPublic DebtLei de Responsabilidade FiscalMunicipal Finances This study aims to analyze whether the Brazilian LRF - Lei de Responsabilidade Fiscal (Fiscal Responsibility Law), as a mechanism of fiscal restraint, has influenced the debt pattern of cities with more than 100,000 inhabitants, covering the period from 1998 to 2006. In order to reach this goal, two econometric models were built, and the Ordinary Least Squares (OLS) method was used for the calculations. The statistical technique used was the Balanced Panel Data. The first econometric model was used to examine whether there were any alterations in the influence of the financial management variables on debt over time, with the insertion of time dummy variables. The results showed that, in the analyzed period, there was a change in the debt pattern as demonstrated by the variables 'outdated debt' and 'capital structure'. The second econometric model was used to examine whether the alteration of the influence of the financial management variables on debt over time was related to the introduction of the LRF, with the insertion of LRF rule dummies. The results show that, after the introduction of the LRF, the 'outdated debt' suffered loss of explanatory power, while the variable 'capital structure' got increased explanatory power, suggesting that the management of debt and funding sources has become more effective, and debt rollover is no longer a common practice in the municipalities. The results are highly significant, both in relation to the relevance of the selected indicators and the impact of the LRF, confirming the hypothesis guiding this research that the debt of the municipalities was influenced by the LRF. O objetivo deste estudo é analisar se a Lei de Responsabilidade Fiscal, como mecanismo de restrição fiscal, influenciou o padrão de endividamento praticado pelos municípios brasileiros com mais de 100 mil habitantes no período de 1998 a 2006. Para atingir esse objetivo, foram construídos dois modelos econométricos, utilizando-se, na estimativa das equações, o Método de Mínimos Quadrados. A métrica estatística utilizada é a de Dados em Painel Equilibrado. O primeiro modelo busca verificar se houve alteração da influência das variáveis de gestão financeira sobre o endividamento ao longo do tempo, incluindo-se variáveis dummies de tempo. Os resultados indicam que, ao longo do período analisado, houve mudança no padrão de endividamento por meio das variáveis "endividamento defasado" e "estrutura de capital". Para avaliar se a alteração da influência das variáveis de gestão financeira sobre o endividamento ao longo do tempo está relacionada com a introdução da LRF, utilizou-se um segundo modelo econométrico, incluindo-se variáveis dummies de regra da LRF. Os resultados indicam que, com a introdução da LRF, a variável "endividamento defasado" sofreu perda de poder de explicação, enquanto a variável "estrutura de capital" obteve incremento, sugerindo que a gestão da dívida e das fontes de recursos passou a ser mais efetiva e a rolagem da dívida deixou de ser uma prática dos municípios. Os resultados apresentam-se altamente significativos, tanto em relação à relevância dos indicadores selecionados, como em relação ao impacto da LRF, confirmando a hipótese, norteadora desta pesquisa, de que o endividamento dos municípios analisados foi influenciado pela LRF. Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2009-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/3430010.1590/S1519-70772009000300004Revista Contabilidade & Finanças; v. 20 n. 51 (2009); 44-60 Revista Contabilidade & Finanças; Vol. 20 No. 51 (2009); 44-60 Revista Contabilidade & Finanças; Vol. 20 Núm. 51 (2009); 44-60 1808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/rcf/article/view/34300/37032Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessMacedo, Joel de JesusCorbari, Ely Célia2012-07-21T18:28:53Zoai:revistas.usp.br:article/34300Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2012-07-21T18:28:53Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data Efeitos da Lei de Responsabilidade Fiscal no endividamento dos Municípios Brasileiros: uma análise de dados em painéis |
title |
Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data |
spellingShingle |
Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data Macedo, Joel de Jesus Endividamento Público Lei de Responsabilidade Fiscal Finanças Municipais Public Debt Lei de Responsabilidade Fiscal Municipal Finances |
title_short |
Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data |
title_full |
Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data |
title_fullStr |
Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data |
title_full_unstemmed |
Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data |
title_sort |
Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data |
author |
Macedo, Joel de Jesus |
author_facet |
Macedo, Joel de Jesus Corbari, Ely Célia |
author_role |
author |
author2 |
Corbari, Ely Célia |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Macedo, Joel de Jesus Corbari, Ely Célia |
dc.subject.por.fl_str_mv |
Endividamento Público Lei de Responsabilidade Fiscal Finanças Municipais Public Debt Lei de Responsabilidade Fiscal Municipal Finances |
topic |
Endividamento Público Lei de Responsabilidade Fiscal Finanças Municipais Public Debt Lei de Responsabilidade Fiscal Municipal Finances |
description |
This study aims to analyze whether the Brazilian LRF - Lei de Responsabilidade Fiscal (Fiscal Responsibility Law), as a mechanism of fiscal restraint, has influenced the debt pattern of cities with more than 100,000 inhabitants, covering the period from 1998 to 2006. In order to reach this goal, two econometric models were built, and the Ordinary Least Squares (OLS) method was used for the calculations. The statistical technique used was the Balanced Panel Data. The first econometric model was used to examine whether there were any alterations in the influence of the financial management variables on debt over time, with the insertion of time dummy variables. The results showed that, in the analyzed period, there was a change in the debt pattern as demonstrated by the variables 'outdated debt' and 'capital structure'. The second econometric model was used to examine whether the alteration of the influence of the financial management variables on debt over time was related to the introduction of the LRF, with the insertion of LRF rule dummies. The results show that, after the introduction of the LRF, the 'outdated debt' suffered loss of explanatory power, while the variable 'capital structure' got increased explanatory power, suggesting that the management of debt and funding sources has become more effective, and debt rollover is no longer a common practice in the municipalities. The results are highly significant, both in relation to the relevance of the selected indicators and the impact of the LRF, confirming the hypothesis guiding this research that the debt of the municipalities was influenced by the LRF. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-12-01 |
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://www.revistas.usp.br/rcf/article/view/34300 10.1590/S1519-70772009000300004 |
url |
https://www.revistas.usp.br/rcf/article/view/34300 |
identifier_str_mv |
10.1590/S1519-70772009000300004 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/34300/37032 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 20 n. 51 (2009); 44-60 Revista Contabilidade & Finanças; Vol. 20 No. 51 (2009); 44-60 Revista Contabilidade & Finanças; Vol. 20 Núm. 51 (2009); 44-60 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
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1787713776328376320 |