Effects of Fiscal Responsibility Law on Brazilian cities' debt: an analysis of panel data

Detalhes bibliográficos
Autor(a) principal: Macedo, Joel de Jesus
Data de Publicação: 2009
Outros Autores: Corbari, Ely Célia
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results showed that, in the analyzed period, there was a change in the debt pattern as demonstrated by the variables 'outdated debt' and 'capital structure'.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 The results show that, after the introduction of the LRF, the 'outdated debt' suffered loss of explanatory power, while the variable 'capital structure' got increased explanatory power, suggesting that the management of debt and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.
id USP-7_988b6720569df88c5eccdfa2af10becb
oai_identifier_str oai:revistas.usp.br:article/34300
network_acronym_str USP-7
network_name_str Revista Contabilidade & Finanças (Online)
repository_id_str
spelling 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
_version_ 1787713776328376320