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A Política Orçamental em Portugal entre Duas Intervenções do FMI: 1986-2010

Author

Listed:
  • Carlos Fonseca Marinheiro

    (GEMF/Faculdade de Economia da Universidade de Coimbra e Vogal do Conselho das Finanças Públicas, Portugal)

Abstract

Entre 1986 (adesão à União Europeia) e 2010 (ano anterior ao terceiro pedido de assistência financeira externa), Portugal apresentou défices orçamentais persistentes. A combinação entre a consequente acumulação de dívida e a década de 2000 de estagnação económica culminou na perda súbita de acesso a financiamento externo, tornando inevitável um pedido de assistência financeira externa em 2011, o terceiro desde o restaurar da democracia em 1974. A acumulação de desequilíbrios orçamentais ocorreu mesmo em períodos caracterizados por dinamismo económico e por um ambiente externo favorável, como o que se seguiu à adesão, ou no período que antecedeu a criação do euro. A ausência de vontade política de consolidar as finanças públicas em períodos de expansão económica acabou por resultar na necessidade de prosseguir uma política orçamental restritiva nos períodos de contracção da economia, ampliando esse efeito recessivo, e assim dificultando a própria consolidação orçamental, obtendo-se o pior resultado possível. A resolução de forma permanente deste problema de política económica necessita de uma profunda reforma do enquadramento orçamental, que impeça a repetição destes erros de política, bem como de reformas estruturais que ampliem o potencial de crescimento da economia portuguesa e assim sustentem a necessária consolidação orçamental.

Suggested Citation

  • Carlos Fonseca Marinheiro, 2013. "A Política Orçamental em Portugal entre Duas Intervenções do FMI: 1986-2010," GEMF Working Papers 2013-25, GEMF, Faculty of Economics, University of Coimbra.
    • Handle: RePEc:gmf:wpaper:2013-25.
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    Cited by:

    1. Lopes, Luís & Antunes, Margarida, 2016. "From budgetary instrument to the budgetary objective: The Portuguese case," IPE Working Papers 79/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

    More about this item

    Keywords

    Portugal; Fiscal Policy; Public Debt.;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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