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Investimento Público e Privado no Brasil: Evidências dos Efeitos Crowding-In e Crowding-Out no Período 1995-2006


  • Cláudia Maria Sonaglio

    (Universidade Federal de Viçosa (Bolsista FUNDECT-MS))

  • Marcelo José Braga

    (Universidade Federal de Viçosa (UFV))

  • Antonio Carvalho Campos

    (Universidade Federal de Viçosa (UFV))


Este estudo analisou as evidências dos efeitos crowding-in e crowding-out na economia brasileira para o período de 1995-2006, utilizando a metodologia de Modelo de Correção de Erro Vetorial (VECM). As variáveis taxa de juros, carga tributária e preço médio dos bens de capital têm efeito negativo sobre os investimentos, indicando que políticas visando a redução de carga tributária, subsídios aos bens de capital e redução de taxas de juros podem influenciar positivamente os investimentos a fim de alavancar o crescimento sustentado da economia. Observa-se a existência de efeitos crowding-out entre os investimentos públicos e privados na economia brasileira.

Suggested Citation

  • Cláudia Maria Sonaglio & Marcelo José Braga & Antonio Carvalho Campos, 2010. "Investimento Público e Privado no Brasil: Evidências dos Efeitos Crowding-In e Crowding-Out no Período 1995-2006," Economia, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 11(2), pages 383-401.
  • Handle: RePEc:anp:econom:v:11:y:2010:i:2:383_401

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    References listed on IDEAS

    1. McCracken, Michael W., 2007. "Asymptotics for out of sample tests of Granger causality," Journal of Econometrics, Elsevier, vol. 140(2), pages 719-752, October.
    2. Peter Hordahl & Oreste Tristani & David Vestin, 2003. "A joint econometric model of macroeconomic and term structure," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
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    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. João Sousa Andrade & António Portugal Duarte, 2016. "Crowding-in and crowding-out effects of public investments in the Portuguese economy," International Review of Applied Economics, Taylor & Francis Journals, vol. 30(4), pages 488-506, July.

    More about this item


    HIV/AIDS; Efeitos Crowding-Out/In; Estacionariedade; Cointegração; Investimento Público; Investimento Privado;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures


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