Política fiscal na América Latina: a proposição da equivalência Ricardiana

AUTOR(ES)
DATA DE PUBLICAÇÃO

2009

RESUMO

Using a dynamic optimization model, the Ricardian Equivalence Proposition (PER) is empirically tested for Argentina, Brazil, Chile and Mexico. The theoretical hypotheses allow us to test the proposition through the structural parameters. The system of equations obtained in the theoretical model is solved using Ordinary Least Squares (OLS), Generalized Method of Moments (GMM) and Full Information Maximum Likelihood. We obtain results indicating that the null hypothesis concerning the Ricardian Equivalence cannot be rejected for Brazil using every techniques, but is rejected for Mexico. Results for Argentina and Chile are mixed. The main conclusion for Latin America is that when the Fiscal Authority formulates policies such as tax reduction and increases of government expenditure, the outstanding effect could be only an increase in private savings.

ASSUNTO(S)

política fiscal equivalência ricardiana public debt economia política tributária - modelos econometricos ricardian equivalence dívida pública fiscal policy

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