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

Author

Listed:
  • Amaury Patrick Gremaud

    () (Universidade de São Paulo)

  • Rudinei Toneto Jr

    () (Universidade de São Paulo)

Abstract

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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    File URL: http://www.face.ufmg.br/novaeconomia/sumarios/v12n2/Gremaud.pdf
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    References listed on IDEAS

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    1. Paul Davidson, 1983. "Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 5(2), pages 182-198, January.
    2. Lawson, Tony, 1985. "Uncertainty and Economic Analysis," Economic Journal, Royal Economic Society, vol. 95(380), pages 909-927, December.
    3. Lawson, Tony, 1987. "The Relative/Absolute Nature of Knowledge and Economic Analysis," Economic Journal, Royal Economic Society, vol. 97(388), pages 951-970, December.
    4. Dosi, Giovanni, 1993. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, vol. 22(2), pages 102-103, April.
    5. Runde, Jochen, 1990. "Keynesian Uncertainty and the Weight of Arguments," Economics and Philosophy, Cambridge University Press, vol. 6(02), pages 275-292, October.
    6. Paul Davidson, 1987. "Sensible Expectations and the Long-Run Non-Neutrality of Money," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 10(1), pages 146-153, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    municipal debt; project finance; decentralization;

    JEL classification:

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

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