Ensaios sobre o custo marginal do financiamento público no Brasil


IBICT - Instituto Brasileiro de Informação em Ciência e Tecnologia




The main theme of the three essays of this dissertation is the Marginal Cost of Public Funds (MCF) in Brazil. The analysis of MCF is of great importance in economics, since it can provide a measure of the marginal welfare loss incurred by the households resulting from high marginal taxes. In our first paper we estimate the MCF associated with major existing taxes in the Brazilian economy through a Static Computable General Equilibrium Model (CGE). Our estimates for the average MCF in the Brazilian economy are between 1,167 e 1,173. Considering only efficiency effects, the results show that future tax reforms in Brazil should take into account changes in the tax base from capital and labor to consumption (given the smaller associated MCF). Additionally, estimates of MCF associated with informal economy are smaller than unity, indicating that greater formalization can help reduce the MCF associated to the tax rates in the formal economy. Finally, expanding the concept of MCF to consider equity concerns in agent preferences can significantly alter the results. Our second essay makes an application of the MCF to estimate the Marginal Cost of Public Funds from Public Sector Borrowing ( ) for Brazil, through two approaches proposed by Dahlby (2006, 2008). The results show that the is above unity in both measures, so that a reduction of R$ 1,00 of debt imply a welfare improvement over R$ 1,00 for the Brazilian economy. Thus, although the downward trend in net debt f the Brazilian public sector over the last decade and the improvement in some indicators related to the debt (such as greater participation of fixed rate bonds and others associated with prices index in the federal debt and higher average maturity connected with fixed rate bonds), a more favorable appreciation deserves prudence. Apart from the additional dead-weight losses related to increases in debt, the still high level of the internal debt and the not favorable situation of fiscal policy should be analyzed more carefully. In the third and last essay of this work we extend, in part, the analysis of Siqueira, Nogueira, Souza e Carvalho (2010), including other distortions in the economy (which may not result solely from taxes, but are affected by them) in calculating the social marginal cost of public funds (SMCF) for the cigarette and alcohol. For this purpose, we use an approach proposed by Dahlby (2006) that expands the concept of MCF to include not only equity concerns, but also the effect of externalities, addictions, and smuggling. Our results indicate that inclusion of the distortion measurement proposed in the MCF can significantly change the view from cigarette and alcoholic beverages taxation.


financiamento : setor público marginal cost of public funds welfare dívida pública public debt reforma tributária brasil taxation tax reform

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