Suchergebnisse

In late 1997, the Brazilian government announced the first version of a tax reform contempling a complete overhaul of the indirect taxation in the country. Turnover taxes were to be eliminated and the entailing loss of revenue compensated by a new federally coordinated broad-based Value-Added Tax (VAT), that would replace the present incoherent state VATs and the largely mismanaged service tax imposed by local governments. In this article, simulation models are used to study the consistency of the proposed reform and some of its possible consequences. A risk analysis framework is used to underline the most important uncertainties involved. (Rev Econ Polit/DÜI)

A simulations exercise is carried out to estimate the tax finance of the public deficit for the Brazilian economy during the period 1982-88. The main conclusions suggest that the conditions of the inflationary tax changed after 1986, when the focus of the economic policy shifted from the conventional orthodoxy to what is called heterodox approach. The accelerating inflation has rapidly weakened the ability of the government to collect inflationary tax, and under these conditions price freezes and exchange rate fixing may be considered necessary to ensure a transition from a high to a low level of inflation

This work updates, to 2003, the 1947-1992 series of inflation tax, inflationary transfers to commercial banks and total inflationary transfers previously published in Cysne (1994) and in Simonsen and Cysne (1995). (Rev Econ Polit/DÜI)

This note describes the methodology of the quarterly GDP, measured at current prices, and allows to calculate the federal government revenues/GDP ratio, on a quarterly basis, since 1991. It is shown that, beginning in 1993, an undeniable increase of the fiscal revenues/GDP ratio has occurred. This movement continued along 1995, despite the end of the temporary tax on financial transactions. Consequently, between 1992 and 1995, the federal government fiscal revenues experienced an increase of almost 3 points of GDP. (Rev Econ Polit/DÜI)

This article uses the endogenous growth theory framework to examine long term prospects of the Brazilian economy. It is argued that Brazil's educational system performance is poor even compared with Latin American standards. There are still too many market restrictions and other barriers to trade and technology. Infrastructure services and investments are deficient and the tax system is too unbalanced and complicated. Hence, while these factors persist, is not likely that the country's economy will grow at rates comparable to those experienced two decades ago. (Rev Econ Polit/DÜI)

Since the outset of the Real Plan, the government has resorted to much higher reserve requirements on bank's liabilities, as well as to the creation of loans on credit in the attempt to restrict the expansion of monetary aggregates and credit. The policy intention was right, although the design of the profile was flawed. The main recommendation in this paper is to use both the reserve requirements' profile and the tax structure so that the aggregate financial wealth is distributed among its several components in a way compatible with low inflation. This will avoid future reallocations of portfolio, thereby increasing the efficacy of monetary policy. (Rev Econ Polit/DÜI)

This article develops arguments in favor of recomposing the time to maturity of the Brazilian domestic public bond's debt and presents calculations on the amount of tax required by different terms of payment, assuming that it is rescheduled. Two alternatives are suggested and evaluated. Both yield a substantial alleviation of the interest burden compared to the present policy. The main conclusion is that with a dollar long-term interest rate similar to the ones observed in the international markets plus 2% of country risk and a 3% a year GDP growth rate, the domestic public debt could be paid in 20 years if a yearly provision of only 0.7% of GDP is allocated to its payment