Privatização aspectos fiscais e dívida pública
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2001-02-07
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Cardoso, Renato Fragelli
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This work analyzes the effects of the Brazilian privatization program on the public debt accumulation between 1995 and 1999. The main objective here is to evaluate whether the revenues obtained from the sale of public assets and public services concessions to lower the short-term debts have an expressive effect on the reduction or restraint of growth of the public debt and alteration of its structure, reflecting on the public sector borrowing requirement. As possible additional contribution, this dissertation presents group of data, generally not very well-known, related to public enterprises, to the privatization program, and to the public debt, considered of general interest. Among the main aspects discussed in this work, regarding the period between 1995 and 1999, the following ones can be highlighted. The economy with interest obtained from the use of privatization revenues in the recovery of short-term bond debts issued by the Federal Treasury has reached R$ 8.8 billion, as against R$ 0.5 billion that the Federal Treasury would otherwise have collected as dividends of privatized enterprises. Regarding the effects of privatization on debt stocks, reductions of R$ 27.6 billion and R$ 30.8 billion were calculated on the stock, and on the issuing of short-term bonds of this debt, respectively. The reduction of the net public debt has reached 8.4% of GDP, the state privatizations having contributed with 3.6% of GDP. Moreover, the public sector borrowing requirement were reduced by 5.4% of GDP. These are some of the results obtained, by the calculation methodology described in this work, and using data effectively observed. The values in the currency are expressed in December 1999 prices. Added to these results is the improvement of the performance of remaining public enterprises, and of some fiscal indicators, with positive impact on the debt and the public déficit. The analysis of the results shows that privatization contribution towards reducing the debt of the public sector and the effort of fiscal adjustment can be expressive, even in the short term. The use of privatization revenues to reduce governmental debts, and the debts transferred to the private sector have lowered the amount of interest payable upon the debt, its stock, and also the public déficit, in the period analyzed. Privatization has also contributed to the improvement of the debt structure, and the restructuring of the liabilities of the public sector.