IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Os Impactos Econômicos da CPMF: Teoria e Evidência

Listed author(s):
  • Pedro H. Albuquerque

This paper aims to study the economic impacts of the CPMF in the Brazilian economy and was divided in three parts. In the first part, the CPMF is analyzed under the scope of the economic theory. In the second part, the international experience with taxes similar to the CPMF is discussed. At the end, the Brazilian experience is analyzed, considering the contributions of the two previous parts. According to the economic theory, the CPMF should increase real interest rates unproportionally to other taxes, as a result of the inclusion of asset turnover in its incidence base. This conceptual deficiency would negatively affect, unproportionally to its tax collection, the level of capital, production and wages. It would also cause the increase of government expenditures through interest payments, implying a fictious amount of revenues. The CPMF would cause disintermediation and illiquidity in the financial markets, hindering the resurgence of credit in Brazil. The tax collection would follow a Laffer curve, with high deadweight losses, particularly when compared to its small revenue. Empirical results confirm that those conclusions would be valid in the Brazilian case. The economic theory, the international experience and the Brazilian evidence reveal, therefore, that the CPMF presents significant inefficiencies as a tax collection instrument.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Paper provided by Central Bank of Brazil, Research Department in its series Working Papers Series with number 21.

in new window

Date of creation: Jun 2001
Publication status: Published in Finanças Públicas: VI Prêmio Tesouro Nacional - 2001. Brasília: STN, 2002, pp. 251-276.
Handle: RePEc:bcb:wpaper:21
Contact details of provider: Web page:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:bcb:wpaper:21. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Francisco Marcos Rodrigues Figueiredo)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.