Sustainability of state public debt and brazilian federalism: an empirical analysis of state public finance in the period 2002 to 2014

Name: Marcos Vinicius Chaves Morais
Type: MSc dissertation
Publication date: 13/07/2018

Namesort descending Role
Gutemberg Hespanha Brasil Advisor *

Examining board:

Namesort descending Role
Ana Carolina Giuberti Internal Examiner *
Antônio Fernando Pêgo e Silva External Examiner *
Gutemberg Hespanha Brasil Advisor *

Summary: The present dissertation aims to analyze the sustainability of state public debt in the period from 2002 to 2014, since the state debt process is a key part of the understanding of Brazilian fiscal federalism. Refinancing rounds at the end of the last century and the consolidation of the Fiscal Responsibility Law contributed to the intertemporal balance of state public finances. However, more recent analysis shows a change in this picture. To meet the intertemporal budget constraint, a fiscal reaction function states that the budget balance needs to respond positively in the face of a debt increase. For this purpose, with panel data, fiscal reaction functions were estimated for States and Federal District and the evaluation is of unsustainability of the state governments' public debt.

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