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Fiscal Policy, Credit Availability and Financing of Regional Policies in Brazil: Has Lula’s Government Changed Anything?

In: Political Economy of Brazil

Author

Listed:
  • Frederico G. Jayme

    (Federal University of Minas Gerais)

  • Marco Crocco

    (Federal University of Minas Gerais)

Abstract

The relationship between regional imbalances and strengthening of the financial system is not simple though it may seem so at first sight, given that developing countries have less developed financial systems. In a national financial system as in Brazil this aspect deserves special treatment, particularly if we recognize that regional development policy cannot be studied without considering macroeconomic policy, fiscal mechanisms of public financing, the nature of fiscal federalism and the Fiscal Responsibility Law.2 In this sense, the decentralization, the fiscal federalism as well as the autonomy of sub-national governments are crucial for articulating regional development policy in Brazil. In fact, the share of tax revenues and the autonomy of federative units are critical success factors for financing regional development. Therefore, the Constitutional Funds for regional development, created through the Constitution of 1988 in Brazil, as well as others regional development funds have an important role.

Suggested Citation

  • Frederico G. Jayme & Marco Crocco, 2007. "Fiscal Policy, Credit Availability and Financing of Regional Policies in Brazil: Has Lula’s Government Changed Anything?," Palgrave Macmillan Books, in: Philip Arestis & Alfredo Saad-Filho (ed.), Political Economy of Brazil, chapter 9, pages 141-164, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-39010-2_9
    DOI: 10.1057/9780230390102_9
    as

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