masterThesis
Análise sobre política fiscal: um estudo entre Brasil e Espanha para o período 2000-2016
Fecha
2018-07-31Registro en:
CABALLERO, Sérgio Jiménez. AAnálise sobre política fiscal: um estudo entre Brasil e Espanha para o período 2000-2016. 2018. 189f. Dissertação (Mestrado em Economia) - Centro de Ciências Sociais Aplicadas, Universidade Federal do Rio Grande do Norte, Natal, 2018.
Autor
Caballero, Sérgio Jiménez
Resumen
The main objective of this study was to analyze the discretionary policy carried out by the
governments of Spain and Brazil during the period between 2000 and 2016, based on a
heterodox approach. During the first years of the 21st century both Brazil and Spain went
through processes of strong economic growth. After 2008 financial bubble burst in the United
States and spread to the rest of the world, the two countries suffered, at different times, a deep
recessive process. Faced with this situation, numerous theoretical approaches on how to deal
with a situation of economic crisis are brought to the debate in the field of economics. The
importance of fiscal policy has been treated differently as economic theories have evolved.
On the one hand, orthodoxy, giving priority to the adjustment of public accounts with the
objective of restoring the confidence of international investors and heterodoxy, which sees
austerity as a barrier to growth. Fiscal consolidation processes have been recurrent in both
countries as a way to combat the economic recession. Considering that the expansionary fiscal
policy is efficient to combat the product fall, our study seeks to evaluate which policies were
implemented during the period analyzed, whether expansive or contractionary, and to see
what orientation they had, whether pro-cyclical or countercyclical. To do this, we will carry
out a decomposition exercise of the budget, between the cyclical component, the payment of
interest of the public debt and the primary structural result, in order to be able to evaluate
what type of policy has been implemented. In analyzing the conduct of fiscal policy, both in
Brazil and in Spain, we see how this one had a conventional bias, becoming pro-cyclical at
critical moments. In economies still in acute crisis, governments reverted to more
expansionary policies, being more concerned with the performance of fiscal indicators than
with more general macroeconomic performance.