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- Title
Sustentabilidade da dívida estadual brasileira: uma análise da relação dívida líquida e resultado primário.
- Authors
Aurélio Caldeira, Alessandro; Driemeyer Wilbert, Marcelo; Silva Moreira, Tito Belchior; Marques Serrano, André Luiz
- Abstract
Public debt is an important element of governmental finances and its sustainability is an indication of the good management of a government's fiscal policy. This study aims to verify the sustainability of state debt in aggregate form by analyzing the cointegration and fiscal reaction of state primary balance and net debt, using monthly data from December/2001 to May/2014. The results indicate the existence of cointegration between the sets of primary balance and the state net debt, and that state governments have generated primary surpluses in view of state net debt growth. Therefore, there is evidence of debt sustainability concerning state debt during the period under analysis. However, recent challenges such as fiscal slackening and the slowdown in economic activity may make future sustainability uncertain.
- Publication
RAP: Revista Brasileira de Administração Pública, 2016, Vol 50, Issue 2, p285
- ISSN
0034-7612
- Publication type
Article
- DOI
10.1590/0034-7612151140