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  • 1
    Publication Date: 2019-01-24
    Description: This paper attempts to discuss quality and some improvements in high frequency time series data of the nominal gross investment expenses for Brazilian municipalities which are state capitals. We first utilized data for the 2001-2008 period available in Relatórios Resumidos de Execução Orçamentária, a bi-monthly public accounts report published by the Brazilian federal, state and local governments according to the directives of Fiscal Responsibility Law (LRF). Then, we evaluate the consistency of this information and propose some adjustments to improve data quality. Finally, we present resultant time series and give a brief analysis about its properties during that period.
    Keywords: C82 ; E62 ; H72 ; ddc:330 ; Öffentliche Investition ; Kommunale Ausgaben ; Zeitreihenanalyse ; Brasilien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 2
    Publication Date: 2019-01-24
    Description: This paper attempts to extend empirical investigations about the asymmetric effects of monetary shocks in the Brazilian economy. We specify and estimate a nonlinear smooth transition vector autoregressive model including output, price level, exchange rate and a monetary policy indicator (Selic rate). Impulse response functions showed that positive and negative monetary shocks have asymmetric effects on output growth and inflation. Regarding to the business cycle, contractionary monetary shocks showed stronger effects in low-growth states while expansionary shocks were stronger in highergrowth periods. In addition, we found that inflation and output growth are rigid to countercyclical monetary shocks.
    Keywords: E32 ; E52 ; C32 ; C52 ; ddc:330 ; Geldpolitik ; Wirkungsanalyse ; Brasilien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 3
    Publication Date: 2019-01-24
    Description: This paper analyses risks and opportunities related to the management and the allocation of wealth derived from the exploitation of natural resources in Brazil. We first discuss natural resources curse hypothesis and present some examples to deal with its negative effects based on the international experience. Then, we present the main aspects of legislation which legitimatize wealth from the natural resources exploitation in Brazil. We also examine the actual distribution of wealth derived from petroleum exploitation, showing wealth concentration in some states and municipalities. Finally, we present the more recent proposals for changing Brazilian legislation about distribution of wealth derived from natural resources exploitation.
    Keywords: H27 ; Q32 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 4
    Publication Date: 2019-01-24
    Description: This paper proposes an empirical evaluation of the Brazilian state governments' fiscal behavior in the period following the publication of Fiscal Responsibility Law (2002-2012). Measurement of fiscal shocks and estimations from dynamic panel data models of the states' main revenues and expenditures provided the following results: i) fiscal adjustments were sustainable in most part of the period and this can be explained by the positive relationship of state primaries revenues to the level of national economic activity; ii) the main components of the state primary spending proved rigid and were mainly described by autoregressive terms in the estimated equations; iii) states' tax revenues were positively impacted by growth in the share of the service sector in the product but did not show a significant relationship with growth in the share of the industrial sector; and iv) revenues and expenditures were not affected by deviations of the yearly primary surplus targets set in the state budget laws, suggesting the moderate character of these goals.
    Keywords: H71 ; H72 ; C23 ; ddc:330 ; state governments ; fiscal rules ; panel data - dynamic models
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 5
    Publication Date: 2019-01-24
    Description: This article analyses the evolution and the composition of gross aggregate tax burden and government transfers in Brazil and their relationships with equity and income distribution for the period 1995-2008. Along this period, gross aggregate tax burden grew considerably motivated by the different economic scenarios and policies. According to the empirical evidences from the literature, the growth in the aggregate tax burden increased the regressiveness of the tax system. On the other hand, it also allowed the growth of government transfers, which are possibly related to the improvement of income distribution in Brazil along the recent period. We also examine the evolution and the composition of gross aggregate tax burden and the government transfers in the first half of 2009, after the extension of the 2008 international financial crisis through the Brazilian economy.
    Keywords: H20 ; H53 ; ddc:330 ; Steuerbelastung ; Öffentliche Sozialleistungen ; Einkommensverteilung ; Brasilien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 6
    Publication Date: 2019-01-24
    Description: This paper presents new econometric specifications for the quarterly behavior of the aggregate consumption of Brazilian households in the 1995-2009 period. It is argued, in particular, that the use of quarterly measures of both private disposable income (in chained 1995 prices) and the credit extended to households (as a % of GDP) as explanatory variables leads to well adjusted models within the sample with good out of sample performance - for the level of precision of our quarterly estimates four quarters out of sample is close to 99%. Moreover, the models presented in this paper point to values of the (approximated) private income elasticity close to 0.4 and credit and interest (semi) elasticities of household consumption close to 2% and -2%, respectively.
    Keywords: E21 ; E27 ; C22 ; C52 ; C82 ; ddc:330 ; Verfügbares Einkommen ; Konsum ; Brasilien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 7
    Publication Date: 2019-01-24
    Description: This paper attempts to evaluate public sector expenditure efficiency comparing Brazil with other Latin American countries for the period 1998-2002. We first computed a composite index, comprising economic and social indicators, to measure public sector performance. Efficiency of expenditure was then evaluated by comparing the composite index with the general government final consumption using a semi parametric model of a two-stage procedure (DEA in the first stage and truncated regression in the second stage). Our results showed that Brazil had a mean score in public sector performance and a low score in expenditure efficiency. Costa Rica, Uruguay and Chile had the best scores on both public sector performance and expenditure efficiency.
    Keywords: H70 ; H11 ; H05 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 8
    Publication Date: 2019-01-24
    Description: This article discusses the dynamics of both the size and the composition of the Brazilian aggregate tax burden (BATB) in the 1995-2007 period and presents several (linear and non-linear) econometric specifications for this last variable. Our main conclusion - based both on the analysis of the dynamics of the composition of the BATB and on several of the econometric exercises presented - is that the decade-long increase of the BATB can be divided in two regimes, i.e. i) a first regime in the 1998-2003 (crisis) period in which the increase in the BATB was achieved through higher taxation of state-owned enterprises and the creation of new taxes and/or increases in existing taxes; and ii) a second regime in the 2004-2007 period in which the increase in the BATB seems to be related to an increase in firms` profits and in the degree of formalization of the overall economy (and of the labor market in particular) associated with a new (and still not quite well understood) period of economic growth.
    Keywords: C22 ; H24 ; H25 ; ddc:330 ; Steuerbelastung ; Brasilien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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  • 9
    Publication Date: 2020-01-17
    Description: This study aimed to verify the relationship for the period 1999-2015 among Brazilian agricultural gross domestic product (GDP), rural credit and transport infrastructure investment. For this purpose, the time series methodology was applied to quarterly data, involving an estimation of a vector error correction model (VECM) and Granger causality tests. The results of the estimation of VECM suggest a negative long run relationship from public infrastructure investment to rural credit and agricultural GDP, but with a low economic impact. Granger tests pointed causality from agricultural GDP to rural credit and public infrastructure investment, and from agricultural GDP and public investment to credit. These results suggest that agricultural GDP growth had the potential to leverage the demand for rural credit and infrastructure investments. On the other hand, the competition for resources between financing rural production and public infrastructure investment resulted in a negative impact on the agricultural sector in the long run.
    Keywords: Q10 ; Q18 ; ddc:330 ; rural credit ; transport infrastructure ; agricultural gross domestic product
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Portuguese
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