Impactos não fiscais no cálculo da necessidade de financiamento do setor público (NESP), no Brasil
- Authors
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Lecio Morais
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Alfredo Saad Filho
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- Keywords:
- Déficit financeiro, Política fiscal
- 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.
- Downloads
- Issue
- Vol. 26 No. 1 (2005)
- Section
- Artigos
- License
- A remessa dos artigos à revista implica a cessão dos direitos autorais à FEE.