Os Impactos Econômicos da CPMF: Teoria e Evidência
AbstractThis paper aims to study the economic impacts of the CPMF in the Brazilian economy and was divided in three parts. In the first part, the CPMF is analyzed under the scope of the economic theory. In the second part, the international experience with taxes similar to the CPMF is discussed. At the end, the Brazilian experience is analyzed, considering the contributions of the two previous parts. According to the economic theory, the CPMF should increase real interest rates unproportionally to other taxes, as a result of the inclusion of asset turnover in its incidence base. This conceptual deficiency would negatively affect, unproportionally to its tax collection, the level of capital, production and wages. It would also cause the increase of government expenditures through interest payments, implying a fictious amount of revenues. The CPMF would cause disintermediation and illiquidity in the financial markets, hindering the resurgence of credit in Brazil. The tax collection would follow a Laffer curve, with high deadweight losses, particularly when compared to its small revenue. Empirical results confirm that those conclusions would be valid in the Brazilian case. The economic theory, the international experience and the Brazilian evidence reveal, therefore, that the CPMF presents significant inefficiencies as a tax collection instrument.
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Bibliographic InfoPaper provided by Central Bank of Brazil, Research Department in its series Working Papers Series with number 21.
Date of creation: Jun 2001
Date of revision:
Publication status: Published in Finanças Públicas: VI Prêmio Tesouro Nacional - 2001. Brasília: STN, 2002, pp. 251-276.
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Web page: http://www.bcb.gov.br/?english
Other versions of this item:
- Pedro H. Albuquerque, 2001. "Os Impactos Econômicos da CPMF: Teoria e Evidência," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 029, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
- Pedro H. Albuquerque, 2005. "Os Impactos Econômicos da CPMF: Teoria e Evidência," Public Economics 0511020, EconWPA, revised 26 Nov 2005.
- H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
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