Federalismo e endividamento subnacional : uma discussão sobre a sustentabilidade da dívida estadual
By: MORA, Mônica
.
Contributor(s): GIAMBIAGI, Fabio.
Material type: 
ArticlePublisher: São Paulo : Editora 34, jul. /set. 2007Revista de Economia Política = Brazilian Journal of Political Economy 27, 3 , p. 472-494Abstract: Federalism and subnational indebtedness: a discussion on the sustainability of the state debt. The subnational debt in Brazil was marked by successive bailouts by the federal government. The path of subnational debt induced some locals and state authorities to claim for further renegotiations. More specifically, some governors and mayors demanded a revision of the refinancing contracts. This article intends to present arguments sustained by simulations of the evolution of the path of the subnational debt, denying the necessity of changes in legal framework which rules the state debt. The first section consists of a brief overview. The following section treats of the institutional framework designed to safeguard the fiscal intertemporal balance. In the third section, the implications of new institutional framework on the subnational debt are approached; in the fourth, the possible causes that distorted the expected path of the debt are discussed. The fifth section analyzes the future perspectives for the debt in general terms and focuses some specific cases, while the sixth section discusses the problem under a federal optics. Finally, the conclusion is presented
Federalism and subnational indebtedness: a discussion on the sustainability of the state debt. The subnational debt in Brazil was marked by successive bailouts by the federal government. The path of subnational debt induced some locals and state authorities to claim for further renegotiations. More specifically, some governors and mayors demanded a revision of the refinancing contracts. This article intends to present arguments sustained by simulations of the evolution of the path of the subnational debt, denying the necessity of changes in legal framework which rules the state debt. The first section consists of a brief overview. The following section treats of the institutional framework designed to safeguard the fiscal intertemporal balance. In the third section, the implications of new institutional framework on the subnational debt are approached; in the fourth, the possible causes that distorted the expected path of the debt are discussed. The fifth section analyzes the future perspectives for the debt in general terms and focuses some specific cases, while the sixth section discusses the problem under a federal optics. Finally, the conclusion is presented
v. 27 n. 3 (107)
Click on an image to view it in the image viewer
There are no comments for this item.