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Os Impactos Econômicos da CPMF: Teoria e Evidência

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  • Pedro H. Albuquerque

    (Texas A&M International University)

Abstract

Este trabalho tem como objetivo estudar os impactos econômicos da CPMF na economia brasileira, e para isto está dividido em três blocos. No primeiro a CPMF é analisada sob a ótica da teoria econômica. No segundo é discutida a experiência internacional com impostos similares à CPMF. No terceiro a experiência brasileira é examinada com o auxílio dos dois blocos anteriores. Segundo a teoria econômica, a CPMF causaria a elevação dos juros reais de modo desproporcional a outros impostos, o que seria o resultado da inclusão da rotatividade de ativos em sua base de incidência. Esta deficiência em sua concepção afetaria negativamente, e de forma desproporcional à sua arrecadação, os níveis de capital, produção e salários. Ela também causaria o aumento das despesas do governo com pagamento de juros, o que levaria parte de sua receita a ser fictícia. A CPMF causaria desintermediação e iliquidez nos mercados financeiros, desincentivando o ressurgimento do crédito. A arrecadação comportar-se-ia de acordo com uma curva de Laffer, com elevadas perdas de peso morto, particularmente quando comparadas à pequena receita resultante. Resultados empíricos confirmam que tais conclusões seriam aplicáveis ao caso brasileiro. A teoria econômica, a experiência internacional e a evidência brasileira revelam, portanto, que a CPMF apresenta significativas deficiências como instrumento de arrecadação.

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File URL: http://128.118.178.162/eps/pe/papers/0511/0511020.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Public Economics with number 0511020.

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Length: 32 pages
Date of creation: 26 Nov 2005
Date of revision: 26 Nov 2005
Handle: RePEc:wpa:wuwppe:0511020

Note: published in Finanças Públicas: VI Prêmio Tesouro Nacional – 2001. Brasília: STN; Type of Document - pdf; pages: 32
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Web page: http://128.118.178.162

Related research

Keywords: CPMF; ITF; IDB; desintermediação; iliquidez; curva de Laffer;

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