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Descentralização e endividamento municipal: formas, limites e possibilidades [Decentralization and municipal indebtedness: modes, constraints, and possibilities]


  • Amaury Patrick Gremaud

    () (Universidade de São Paulo)

  • Rudinei Toneto Jr

    () (Universidade de São Paulo)


The objective of this article is to discuss alternatives to finance investments by municipalities. In general, current revenues are insufficient to finance large investments, what brings about the necessity of municipal indebtedness. These could assume different manners, according to the nature of the investment: if it is typically public or if it offers private return. For the first case, we discuss the possibilities of a municipal bond market and, for the second, we discuss project finance and the participation of the private sector.

Suggested Citation

  • Amaury Patrick Gremaud & Rudinei Toneto Jr, 2002. "Descentralização e endividamento municipal: formas, limites e possibilidades [Decentralization and municipal indebtedness: modes, constraints, and possibilities]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 12(2), pages 109-130, July-Dece.
  • Handle: RePEc:nov:artigo:v:12:y:2002:i:2:p:109-130

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    municipal debt; project finance; decentralization;

    JEL classification:

    • H74 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Borrowing


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