A capacidade de pagamento da dívida externa do setor público no Brasil
DOI:
https://doi.org/10.11606/1980-53572411amKeywords:
external debt, payment capacity, public sector's budget constraint, balance of paymentsAbstract
This paper tries to evaluate whether the agreements in principle between Brazil and her commercial and bilateral creditors in 1992 met the country's payment capacity considering both her fiscal and foreign exchange constraints. First, accounting identities expressing the public sector's budget constraint as well as the balance of payments were developed. Then the country's payment capacity was estimated for two different scenarios. This was done by introducing economic policy goals and exogenous values for selected variables in the accounting identities. The estimates suggest that compliance with the terms of the external debt agreements without violating the economic policy goals requires a favorable internal and external financial environment.
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Copyright (c) 1994 Arno Meyer, Manuel José Forero Gonzalez
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