Brazilian Fiscal Policy in Perspective: From Expansion to Austerity

Orair, Rodrigo Octávio; Gobetti, Sérgio Wulff

doi:10.1007/978-3-319-64885-9_9

Cited by 8 publications

(11 citation statements)

References 7 publications

(2 reference statements)

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“…In addition to assuming power at a time of low global liquidity, policymakers perceived national financial resilience to be weak. Two-thirds of the public debt was directly linked to exchange rates or short-term interest rates, increasing the likelihood that capital flight and resulting currency depreciation would result in a balance of payments crisis (Orair and Gobetti, 2017). Inflation was already high due to the prior currency depreciation (Barbosa-Filho, 2008), so the leadership was wary of increasing funding to public banks in case it further triggered inflationary expectations.…”

Section: Brazilmentioning

confidence: 99%

Economic crisis, global financial cycles and state control of finance: public development banking in Brazil and South Africa

Naqvi

2022

European Journal of International Relations

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In the aftermath of recent crisis, national governments across the global south increasingly see state ownership and control of finance as a vital public policy tool. What explains variation in state control of finance in the wake of crisis? Interventionist policies can elicit disinvestment or exit threats from private financial actors if they limit profitability. When disinvestment threats are credible, policymakers may rule out reform for fear of devastating economic consequences. I argue that the credibility of disinvestment threats is conditioned by two key variables, the resilience of the national economy to capital flight, which affects the level of damage capital flight will inflict, and global financial liquidity, which can be used to undercut domestic disinvestment threats. These arguments are developed through comparative case studies of cross-national and over-time variation in the scale and scope of public development banking in Brazil and South Africa in the wake of the 2008 crisis.

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Section: Brazilmentioning

confidence: 99%

Economic crisis, global financial cycles and state control of finance: public development banking in Brazil and South Africa

Naqvi

2022

European Journal of International Relations

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“…Such a measure implies a real freezing of the total expenses of the Federal Government for the next 20 years. This change, in addition to configuring a package of reforms that presents a certain "institutional rigidity", is also in legal terms "irreversible" in the short and medium term (See Pinto, 2016 andOrair &Gobetti, 2017).…”

Section: Taking Stock Of Financialization In Brazilmentioning

confidence: 99%

Brazil: Stock Markets and Corporate Credit Now Driving Financialization?

Lavinas¹,

Araújo²,

Gentil³

2022

TEL

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The present article seeks to demonstrate that, despite the steep deterioration in social and economic indicators in the midst of an unprecedented social, political, and economic crisis, Brazil seems to have entered a new stage of the process of financialization, now shaped by the dynamics of the capital market. We briefly recall the different phases of financialization in Brazil from eliticized-to mass-based, underlining how the sharp decline in the prime rate as of late led to a strong valuation of financial assets in the stock market. We test the hypothesis of a new financialization pattern, now driven by the stock market, using in our regression model a sample of 81 different segments (non-financial) from the Economatica platform, from 2010 to 2019. The results indicate a change of command in the finance-dominated accumulation regime in Brazil, that is, corporate financialization is now also determined by the stock market valuation process, due to the fall in return on financial investments (notably government securities). Selic-driven financialization has been substituted by other forces, such as corporate credit and-a relevant new factor-investments in shares.

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“…The low budget allocation for programs aimed at quilombola communities is therefore not related to the fiscal crisis that began at the end of Rousseff 's first term, considering that when she took office, the government initially adopted a contractionary policy, as pointed out by Cagnin, Prates, Freitas, and Novais (2013), presenting from 2012, an expansionary economic policy that lasted until the 2014 elections (Dweck & Teixeira, 2017). In 2015, the government adopted policies of fiscal adjustment to contain the crisis that impacted in the most different economic spheres (Orair & Gobbeti, 2017). The low budget allocation in quilombola policies was therefore not linked to the crisis that intensified after 2015.…”

Section: Characteristics Of the Budget Of The Pbq: The Sunset Of A Gomentioning

confidence: 99%

Análise orçamentária do Programa Brasil Quilombola no Brasil e no Maranhão: o ocaso de uma política pública

Teixeira

Sampaio

2019

Rev. Adm. Pública

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Resumo As políticas públicas direcionadas às comunidades quilombolas tiveram como marco o lançamento do Programa Brasil Quilombola (PBQ) e sua institucionalização com a Agenda Social Quilombola. O objetivo deste artigo é analisar a alocação orçamentária do PBQ e seu nexo com a execução de políticas públicas no Brasil e no Maranhão. A metodologia utilizada baseia-se em análise de dados das Leis Orçamentárias Anuais entre 2004 e 2014 e em análise documental. Os dados orçamentários foram obtidos no Portal Siga Brasil, do Senado Federal, que compila dados do Sistema Integrado de Administração Financeira (Siafi) do governo federal. Foram realizadas análises documentais no Plano Estadual de Ações Integradas do Plano Brasil Quilombola do Maranhão e no Relatório de Execução do Plano Brasil Quilombola, também do Maranhão. A análise temática de conteúdo orientou o trabalho com os dados. Os dados reunidos conduziram à conclusão de que o PBQ operou como um dispositivo de governo que incluiu simbolicamente as comunidades quilombolas, aparentemente atendendo demandas de movimentos sociais. Contudo, excluiu-as efetivamente, via regulação orçamentária. Além disso, constatou-se o ocaso, ao menos orçamentário, de políticas públicas com recorte racial no país no âmbito do governo federal.

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Brazilian Fiscal Policy in Perspective: From Expansion to Austerity

Cited by 8 publications

References 7 publications

Economic crisis, global financial cycles and state control of finance: public development banking in Brazil and South Africa

Economic crisis, global financial cycles and state control of finance: public development banking in Brazil and South Africa

Brazil: Stock Markets and Corporate Credit Now Driving Financialization?

Análise orçamentária do Programa Brasil Quilombola no Brasil e no Maranhão: o ocaso de uma política pública

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