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Federalismo e endividamento subnacional: uma discussão sobre a sustentabilidade da dívida estadual

2007; Editora 34; Volume: 27; Issue: 3 Linguagem: Inglês

10.1590/s0101-31572007000300009

1809-4538

Mônica Mora, Fábio Giambiagi,

Fiscal Policies and Political Economy

Federalism and subnational debt: a discussion on the sustainability of state debt.The subnational debt in Brazil was marked by successive bailouts by the federal government.The path of subnational debt induced some locals and state authorities to claim for further renegotiations.More specifically, some governors and mayors demanded a revision of the refinancing contracts.This article intends to present arguments sustained by simulations of the evolution of the path of the subnational debt, denying the necessity of changes in legal framework, which rules the state debt.The first section consists of a brief overview.The following section treats the institutional framework designed to safeguard the fiscal intertemporal balance.In the third section, the implications of new institutional framework on the subnational debt are approached; in the fourth, the possible causes that distorted the expected path of the debt are discussed.The fifth section analyses the future perspectives for the debt in general terms and focuses some specific cases, while the sixth section discusses the problem under a federal optics.Finally, the conclusion is presented.