IDEAS home Printed from https://ideas.repec.org/p/ipe/ipetds/1142.html
   My bibliography  Save this paper

Federalismo e Endividamento Subnacional: Uma Discussão Sobre a Sustentabilidade da Dívida Estadual e Municipal

Author

Listed:
  • Mônica Mora
  • Fábio Giambiagi

Abstract

The subnational debt in Brazil was marked by successive bailouts by the federalgovernment. The path of subnational debt induced some locals and state authoritiesto claim for further renegotiations. More specifically, some governors and mayorsdemanded a revision of the refinancing contracts.This article intends to present arguments sustained by simulations of theevolution of the path of the subnational debt, denying the necessity of changes inlegal framework which rules the state and municipal debt. The Section 1 consists of abrief overview. Section 2 treats of the institutional framework designed to safeguardthe fiscal intertemporal balance. In the Section 3, the implications of newinstitutional framework on the subnational debt are approached; in the Section 4, thepossible causes that distorted the expected path of the debt are discussed. Section 5analyzes the future perspectives for the debt in general terms and focuses somespecific cases, while the Section 6 discusses the problem under a federal optics.Finally, the conclusion is presented.

Suggested Citation

  • Mônica Mora & Fábio Giambiagi, 2005. "Federalismo e Endividamento Subnacional: Uma Discussão Sobre a Sustentabilidade da Dívida Estadual e Municipal," Discussion Papers 1142, Instituto de Pesquisa Econômica Aplicada - IPEA.
    • Handle: RePEc:ipe:ipetds:1142
    as

    Download full text from publisher

    File URL: http://www.ipea.gov.br/portal/images/stories/PDFs/TDs/td_1142.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Werlang, Sérgio Ribeiro da Costa & Neto, Armínio Fraga, 1995. "Os bancos estaduais e o descontrole fiscal: alguns aspectos," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 49(2), April.
    2. Afonso S. Bevilaqua, 2000. "State-government bailouts in Brazil," Textos para discussão 421, Department of Economics PUC-Rio (Brazil).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nakane, Marcio I. & Weintraub, Daniela B., 2005. "Bank privatization and productivity: Evidence for Brazil," Journal of Banking & Finance, Elsevier, vol. 29(8-9), pages 2259-2289, August.
    2. Emanuel Kohlscheen, 2008. "Debt Bailouts And Constitutions," Economic Inquiry, Western Economic Association International, vol. 46(3), pages 480-492, July.
    3. Bugarin, Maurício Soares, 2006. "Subnational Debt Renegotiation and Elections: Experimentation and Reputation in the Brazilian Fiscal Federalism," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 26(1), May.
    4. Elio Londero, 2005. "‘Market Discipline’, Lending Ceilings and Subnational Finance," Kyklos, Wiley Blackwell, vol. 58(4), pages 575-590, November.
    5. Gonzalez, Christian Y. & Rosenblatt, David & Webb, Steven B., 2002. "Stabilizing intergovernmental transfers in Latin America : a complement to national/subnational fiscal rules?," Policy Research Working Paper Series 2869, The World Bank.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ipe:ipetds:1142. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Fabio Schiavinatto (email available below). General contact details of provider: https://edirc.repec.org/data/ipeaabr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.