Sustentabilidade da dívida pública dos estados brasileiros

Abstract

Over the last decades the Brazilian Federation has passed through cycles where sometimes there was concentration of resources on the Union and sometimes lack of concentration on other federative members. However, this swing has not always been linked to the equivalent resources that withstood the resulting increase of expenses. As a result of this disorder, the public debt was the alternative used to obtain income, but the consequences were later to be felt. The unsustainable public deficit of the state and Federal District reached its apex in the 1980´s and 1990´s creating the need for a massive and definitive re-negotiation. The fiscal responsibility law of 2001 sought to consolidate gains obtained at that time in the same way. However, the Brazilian public deficit is still relatively dependent on the economic context, susceptible to shocks, taxes and/or inflation.