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Estatais e ajuste fiscal: uma análise da contribuição das empresas federais para o equilíbrio macroeconômico

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  • Gobetti, Sérgio Wulff
Abstract
State owned enterprises and fiscal adjustment: an analysis of the contribution of the federal companies to macroeconomic equilibrium - This article expose a historical and empirical analysis of the transformations in the administration of the Brazilian state owned enterprises during the last 20 years. The main insight of the study is to show how the federal companies, considered villains of the fiscal crisis in the 80?s ? because its manipulation by military dictatorship to his foreign indebtedness policy ?, assumed a decisive role in fiscal and macroeconomic equilibrium in the recent period. We estimate that the effective contribution of federal companies to primary surplus has been above 50%, accounting the indirect contributions, like dividends and royalties. Moreover, we calculate that the share of this enterprises in tax revenues of federal, state and municipal governments have grown from 7,7% in 1999 to 14% in 2005-06, representing around 40% of the increase in tax rate. We also found evidences, here, that the investments executed by those companies has contributed to compensate the fiscal and monetary contraction between 2002 e 2004.

Suggested Citation

  • Gobetti, Sérgio Wulff, 2010. "Estatais e ajuste fiscal: uma análise da contribuição das empresas federais para o equilíbrio macroeconômico," Revista Economia e Sociedade, Instituto de Economia, Universidade Estadual de Campinas (UNICAMP), vol. 39, pages 1-31, May.
    • Handle: RePEc:euc:ancoec:v:39:y:2010:p:29-58
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    More about this item

    Keywords

    Public companies ? Brazil; Primary surplus; Tax rate; Investments.;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises

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