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Doctoral Thesis
DOI
https://doi.org/10.11606/T.2.2018.tde-30102020-142536
Document
Author
Full name
Caio Rioei Yamaguchi Ferreira
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2018
Supervisor
Committee
Massonetto, Luís Fernando (President)
Bercovici, Gilberto
Chiara, Jose Tadeu de
Haddad, Fernando
Mello, Guilherme Santos
Paulani, Leda Maria
Title in Portuguese
Dívida pública e gestão da liquidez : uma análise a partir de 1994
Keywords in Portuguese
Dívida pública
Plano real
Política cambial
Política monetária
Política orçamentária
Abstract in Portuguese
O objetivo desta tese é compreender a racionalidade que governa o estatuto jurídica da Dívida Pública e sua relação com a gestão da liquidez monetária. O estudo está estruturado em cinco capítulos: (i) o primeiro trata dos conceitos da Dívida Pública, (ii) o segundo, do controle do endividamento público, (iii) o terceiro traça um histórico do financiamento público, (iv) o quarto aborda as reformas fiscais que modificaram a relação da União com os entes subnacionais, (v) o quinto trata da moldura jurídica da gestão da liquidez a partir da implementação do Plano Real, em 1994. Adotou-se uma metodologia analítica e descritiva, que permitiu compreender os institutos jurídicos e as instituições que estruturam o sistema da Dívida Pública. Por essa perspectiva, foi possível captar a dinâmica que orienta o conjunto das formas jurídicas. Como pressuposto teórico, adotou-se a ideia de que as condições materiais da liquidez monetária determinam a interação das formas jurídicas, sendo a causa da manutenção e transformação delas. Partiu-se da hipótese que, com a ascensão do mercado financeiro internacional, o orçamento público foi subordinado ao rendimento financeiro, como mecanismo de manutenção da livre circulação de capitais. A contribuição inédita da tese foi compreender que o quadro material da liquidez monetária internacional, no período recente, alterou a dinâmica das formas jurídicas da Dívida Pública brasileira, e restaurou a autonomia do orçamento público em face dos pressupostos do mercado monetário
Title in English
Public Debt and Liquidity Management: an analysis as of 1994
Keywords in English
Budgetary Policy
Exchange Rate Policy
Liquidity Management
Monetary Policy
Plano Real
Public Debt
Abstract in English
The purpose of this study is to understand the rationality that rules Public Debt's legislation and its relation with the of monetary liquidity management. The study is structured in five chapters: (i) the first deals with the concepts of Public Debt; (ii) the second, with the control of public indebtedness; (iii) the third outlines the historical development of public financing in Brazil; (iv) the fourth covers the tax reforms that have modified the Federal financing relation with regional governements; (v) the fifth presentes the legal framework of liquidity management since the implementation the new monetary regime called "Plano Real" in 1994. An analytical and descriptive methodology that allowed us to understand the legal institutes and institutions that structure the Public Debt system was adopted. From this perspective, it was possible to discern the dynamics that guide the legal forms as a whole. As a theoretical assumption, it was considered that the material conditions of monetary liquidity determine the interaction of legal forms, being the cause of their maintenance and transformation. It was hypothesized that, with the rise of the international financial market, the public budget has been subordinated to financial return, as a mechanism to maintain the free movement of capital. The unprecedented contribution of this thesis is the understandment that the material framework of international monetary liquidity during the recent period changeded the dynamics of the legal forms of the Brazilian Public Debt and restored the autonomy of the public budget over the assumptions of the money market
 
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Release Date
2022-10-30
Publishing Date
2021-05-11
 
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