Risk sharing in the Brazilian regional case
Autor(a) principal: | |
---|---|
Data de Publicação: | 2020 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Biblioteca Digital de Teses e Dissertações da USP |
Texto Completo: | https://www.teses.usp.br/teses/disponiveis/96/96131/tde-31082020-154431/ |
Resumo: | The goal of this dissertation is to evaluate in which degree and how the consumption risk sharing is achieved among Brazilian states. The main result of consumption risk sharing theory entails that if all the consumption risk sharing opportunities are explored, consumption on regional and aggregate levels should be perfect correlated and individual income variations have no effect on consumption. At first place, this study sought to analyze in which degree the Brazilian states consumption is related to the country level. The results for the regional case are then compared to the international, in order to examine if the reduced number of barriers within the states encourages risk sharing, as is pointed at empirical literature on the area. Lastly, this research explores what is the role of fiscal federalism as a stabilizer, analyzing from taxes and transfers data in which degree the state income volatility is reduced by the federal government. The results point to an elevated degree of consumption integration among the Brazilian states, while the country presents a lower degree of risk sharing with its neighbor countries. Besides that, the results suggests that fiscal federalism acts as a stabilizer of state income, reducing around 13% the effect of idiosyncratic shocks. |
id |
USP_0a11543f58972930290c839fb79759e2 |
---|---|
oai_identifier_str |
oai:teses.usp.br:tde-31082020-154431 |
network_acronym_str |
USP |
network_name_str |
Biblioteca Digital de Teses e Dissertações da USP |
repository_id_str |
2721 |
spelling |
Risk sharing in the Brazilian regional caseCompartilhamento de risco no caso regional brasileiroCompartilhamento de riscoFederalismo fiscalFiscal federalismMacroeconomia regionalRegional macroeconomicsRisk sharingThe goal of this dissertation is to evaluate in which degree and how the consumption risk sharing is achieved among Brazilian states. The main result of consumption risk sharing theory entails that if all the consumption risk sharing opportunities are explored, consumption on regional and aggregate levels should be perfect correlated and individual income variations have no effect on consumption. At first place, this study sought to analyze in which degree the Brazilian states consumption is related to the country level. The results for the regional case are then compared to the international, in order to examine if the reduced number of barriers within the states encourages risk sharing, as is pointed at empirical literature on the area. Lastly, this research explores what is the role of fiscal federalism as a stabilizer, analyzing from taxes and transfers data in which degree the state income volatility is reduced by the federal government. The results point to an elevated degree of consumption integration among the Brazilian states, while the country presents a lower degree of risk sharing with its neighbor countries. Besides that, the results suggests that fiscal federalism acts as a stabilizer of state income, reducing around 13% the effect of idiosyncratic shocks.Este trabalho tem como objetivo analisar em que grau e como se dá o compartilhamento de risco de consumo entre os estados brasileiros. O principal resultado da teoria de compartilhamento de risco de consumo prega, que quando todas as oportunidades de compartilhamento de risco são exploradas, o consumo de cada região deve ser perfeitamente correlacionado com o consumo agregado, de modo que choques regionais não afetam o nível de consumo. Inicialmente, este estudo buscou analisar em que grau o consumo dos estados brasileiros está relacionado com o nível do país. Os resultados para o nível regional foram então comparados ao nível internacional, de forma a analisar se o menor número de barreiras dentro do país incentiva o compartilhamento de risco, conforme é apontado pela literatura empírica. Por fim, este trabalho explora qual é o papel do federalismo fiscal como estabilizador, analisando, a partir de dados de tributação e repasses, em que grau o governo federal reduz a volatilidade da renda dos estados. Os resultados apontaram para um elevado grau de integração entre o consumo dos estados brasileiros, enquanto o país apresenta um mais baixo nível de compartilhamento de risco com seus países vizinhos. Além disso, os resultados sugerem que o federalismo fiscal atua como estabilizador da renda dos estados, reduzindo por volta de 13% dos choques idiossincráticos.Biblioteca Digitais de Teses e Dissertações da USPFerreira, Alex LuizSilva, Eduardo Teixeira de Carvalho2020-06-29info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttps://www.teses.usp.br/teses/disponiveis/96/96131/tde-31082020-154431/reponame:Biblioteca Digital de Teses e Dissertações da USPinstname:Universidade de São Paulo (USP)instacron:USPLiberar o conteúdo para acesso público.info:eu-repo/semantics/openAccesseng2020-11-19T19:58:02Zoai:teses.usp.br:tde-31082020-154431Biblioteca Digital de Teses e Dissertaçõeshttp://www.teses.usp.br/PUBhttp://www.teses.usp.br/cgi-bin/mtd2br.plvirginia@if.usp.br|| atendimento@aguia.usp.br||virginia@if.usp.bropendoar:27212020-11-19T19:58:02Biblioteca Digital de Teses e Dissertações da USP - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Risk sharing in the Brazilian regional case Compartilhamento de risco no caso regional brasileiro |
title |
Risk sharing in the Brazilian regional case |
spellingShingle |
Risk sharing in the Brazilian regional case Silva, Eduardo Teixeira de Carvalho Compartilhamento de risco Federalismo fiscal Fiscal federalism Macroeconomia regional Regional macroeconomics Risk sharing |
title_short |
Risk sharing in the Brazilian regional case |
title_full |
Risk sharing in the Brazilian regional case |
title_fullStr |
Risk sharing in the Brazilian regional case |
title_full_unstemmed |
Risk sharing in the Brazilian regional case |
title_sort |
Risk sharing in the Brazilian regional case |
author |
Silva, Eduardo Teixeira de Carvalho |
author_facet |
Silva, Eduardo Teixeira de Carvalho |
author_role |
author |
dc.contributor.none.fl_str_mv |
Ferreira, Alex Luiz |
dc.contributor.author.fl_str_mv |
Silva, Eduardo Teixeira de Carvalho |
dc.subject.por.fl_str_mv |
Compartilhamento de risco Federalismo fiscal Fiscal federalism Macroeconomia regional Regional macroeconomics Risk sharing |
topic |
Compartilhamento de risco Federalismo fiscal Fiscal federalism Macroeconomia regional Regional macroeconomics Risk sharing |
description |
The goal of this dissertation is to evaluate in which degree and how the consumption risk sharing is achieved among Brazilian states. The main result of consumption risk sharing theory entails that if all the consumption risk sharing opportunities are explored, consumption on regional and aggregate levels should be perfect correlated and individual income variations have no effect on consumption. At first place, this study sought to analyze in which degree the Brazilian states consumption is related to the country level. The results for the regional case are then compared to the international, in order to examine if the reduced number of barriers within the states encourages risk sharing, as is pointed at empirical literature on the area. Lastly, this research explores what is the role of fiscal federalism as a stabilizer, analyzing from taxes and transfers data in which degree the state income volatility is reduced by the federal government. The results point to an elevated degree of consumption integration among the Brazilian states, while the country presents a lower degree of risk sharing with its neighbor countries. Besides that, the results suggests that fiscal federalism acts as a stabilizer of state income, reducing around 13% the effect of idiosyncratic shocks. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-06-29 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.teses.usp.br/teses/disponiveis/96/96131/tde-31082020-154431/ |
url |
https://www.teses.usp.br/teses/disponiveis/96/96131/tde-31082020-154431/ |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
|
dc.rights.driver.fl_str_mv |
Liberar o conteúdo para acesso público. info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Liberar o conteúdo para acesso público. |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.coverage.none.fl_str_mv |
|
dc.publisher.none.fl_str_mv |
Biblioteca Digitais de Teses e Dissertações da USP |
publisher.none.fl_str_mv |
Biblioteca Digitais de Teses e Dissertações da USP |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações da USP instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Biblioteca Digital de Teses e Dissertações da USP |
collection |
Biblioteca Digital de Teses e Dissertações da USP |
repository.name.fl_str_mv |
Biblioteca Digital de Teses e Dissertações da USP - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
virginia@if.usp.br|| atendimento@aguia.usp.br||virginia@if.usp.br |
_version_ |
1809091225371803648 |