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Dívidas estaduais, Federalismo Fiscal e Desigualdades Regionais no Brasil: Percalços no Limiar do Século XXI

Listed author(s):
  • Alexandre Manoel Angelo da Silva
  • Aristides Monteiro Neto
  • José Carlos Geraldo
Registered author(s):

    A reflexão desenvolvida neste texto é sobre um aspecto, em certa medida, negligenciado na literatura do federalismo fiscal brasileiro: o custo da renegociação das dívidas estaduais e seus impactos sobre os governos estaduais. Argumenta-se, de um lado, que os subsídios implícitos transferidos pelo Tesouro Nacional aos estados têm apresentado forte favorecimento às Unidades da Federação (UFs) mais desenvolvidas, que são justamente as mais endividadas. De outro lado, a análise verificou que é nas UFs com menor participação no endividamento público e com fardos relativamente mais altos para pagamento das dívidas, localizadas nas regiões menos desenvolvidas do país, que o nível de investimento público estadual, isto é, o esforço para crescer, tem sido mais intenso. Caso os estados da federação economicamente mais frágeis estivessem recebendo relativamente mais subsídios implícitos, seus níveis de investimento público poderiam estar mais altos e contribuiriam muito mais para a construção de uma trajetória de desenvolvimento nacional com menos disparidades regionais. In this article it is discussed some neglected aspects of Brazilian fiscal federalism related to the costs of debt renegotiation processed in the 1990´s. It has been argued there are negative impacts on regional economies that urge to be considered in the present times. Firstly, it is demonstrated that implicit subsidies given by national treasury to the states as a way of putting an end to the rising debts has now benefitted more intensely the strong state economies that the weak ones. The problem with that is the strong state economies are the most indebted ones. Secondly, despite of favoring the strong (more indebted) state economies, it is in the less developed states of federation in which the burden of indebtedness is strong (less subsidies) and in which the public investment efforts are more intense. As an ultimate result, one can affirm that the rules of debt renegotiation, designed and implemented in the 1990´s, are now becoming an undesirable mechanism to promote economic regional inequalities.

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    Paper provided by Instituto de Pesquisa Econômica Aplicada - IPEA in its series Discussion Papers with number 1889.

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    Length: 38 pages
    Date of creation: Oct 2013
    Handle: RePEc:ipe:ipetds:1889
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