A instabilidade das finanças públicas da América Latina

José Carlos de Souza Braga, Marcos Antonio Macedo Cintra, Sulamis Dain


This paper addresses the hypothesis that monetary, fiscal and exchange
rate policies have become extremely interconnected in the context of the
high public indebtedness, as prevails in most Latin American Economies.
The adoption Of the neo-liberal paradigm of economic policy and reforms
has not been able to solve public financing problems both in terms of
controlling inflation and its role in the promotion of economic development.
In restructuring public sector role in the economy it is important to consider
that infrastructure financing may not be left to the logic of the capital market
and business comunity because of both economic reasons and regional
imbalances which characterize this region mainly countries of large dimensions.
The increasing share of the private sector in infrastructure financing
is essential as long as it is subject to a process of transition in which the
role of the public sector as an investor and a coordinator of financing
systems and investment programmes is assured. The new public sector in
the region has to be more robust in fiscal, balance of payments, and
financial fundamentals. That means in general terms that the National
States will have to conduct a substancial change in income and wealth
distribution in order to face their financing needs ahead.


Finanças públicas; Política tributária; Dívida - Renegociação; Política econômica; Taxa cambial

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ISSN 1980-2668