This paper attempts to examine the evolution of the financial conditions of Brazilian States ten years after the re-structuring of their financial debt. Re-structuring the financial debt was implemented according to a fiscal adjustment program which established targets to be periodically...

A new state debt cycle occurred mainly through external and contracted credit operations with federal banks from 2008, after a long period with few loans and debt stock fall. It is argued that exogenous macroeconomic factors were essential in the downward trend of the debt in the early 2000s,...

The article analyzes the spatial pattern of public spending in several federative and regional scales. Theoretical considerations show gaps and common concepts to the relationship between federalism and territory. The empirical analysis shows an asymmetric pattern, with small and large...

The present work aims to explore the existing theories about the size of the public sector and test empirically in Brazilian municipalities. The theoretical model assumes that the economy has only two sectors: the public and the private. The latter receives productivity shocks while the former...

There are many problems involved in estimating high frequency series for subnational governments. Space State Model (SSM) is a framework capable of handling some of these problems. The techniques that emerge from this approach (temporal disaggregation and nowcasting) are used to estimate monthly...

This paper attempts to discuss quality and some improvements in high frequency time series data of the nominal gross investment expenses for Brazilian municipalities which are state capitals. We first utilized data for the 2001-2008 period available in Relatórios Resumidos de Execução...

The paper estimates a panel-VAR using data on total expenditures, tax receipts and overall grants received for 5.544 Brazilian municipalities observed from 2002 through 2010. A sequence of hypotheses was investigated by the means of overidentification test statistics. Among our main findings, we...

This Discussion Paper presents an overview of Brazilian public finances through a meticulous work of adjusting and consolidating fiscal statistics, in which central government data were adjusted to deal with creative accounting and subsequently consolidated with data from subnational...