Impactos não fiscais no cálculo da necessidade de financiamento do setor público (NESP), no Brasil

Abstract

This article shows that the calculation of the public sector financial requirements (PSBR), used in Brazil for the determination of the deficit of the federal government and the non-financial state enterprises (central government), is contaminated by several non-fiscal components induced by exogenous shocks and by monetary policy costs or gains. The article explains these non-fiscal impacts and, in one case — the cost of the Central Bank’s discount policy — their value is calculated and its relationship with the PSBR is established for the years 1997-2002. The article concludes that these non-fiscal components can distort the perception of the public deficit and, therefore, bias the fiscal policy stance.