AJUSTE FISCAL NOS ESTADOS: UMA ANÁLISE DO PERÍODO 1998-2006 // FISCAL ADJUSTMENT IN BRAZILIAN STATES: AN ANALYSIS OF PERIOD 1998-2006
Keywords:
regras fiscais, ajuste fiscal, investimentos públicos, contabilidade criativa //Abstract
RESUMO: O objetivo deste artigo é analisar a forma de enquadramento dos estados ao Programa de Ajuste Fiscal (PAF) e à Lei de Responsabilidade Fiscal (LRF), destacando seus impactos nas escolhas de alocação dos recursos públicos e na taxa de investimento. Os resultados obtidos após minucioso trabalho de depuração das bases de dados confi rmam a melhoria da situação financeira de estados no período posterior à LRF, mas sugerem que existe um trade-off entre os indicadores fiscais, de um lado, e os investimentos e gastos em infraestrutura, de outro, exigindo uma reflexão sobre a qualidade e sustentabilidade do ajuste fiscal. Os dados orçamentários analisados também apontam evidências de contabilidade criativa.
ABSTRACT: The objective of this article is to offer an analysis of the accommodation by Brazilian states with Fiscal Adjustment Program and with Fiscal Responsibility Act (FRA), showing their impacts on the choices of public resources allocation and on the investment rate. The results obtained after the detailed work of data depuration confirm the improvement of financial situation of the states in the period post-FRA, but also suggest the existence of a trade-off between fiscal indicators and infrastructure investment, demanding a reflection about the quality and the sustainability of the fiscal adjustment. The budget data analyzed also indicate evidence of creative accountability.
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