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Brazilian Journal of Political Economy

versão impressa ISSN 0101-3157versão On-line ISSN 1809-4538

Resumo

SILVA, Alexandre Manoel Angelo da  e  PIRES, Manoel Carlos de Castro. Public debt, government current account saving and primary surplus: analysis of sustainability. Rev. Econ. Polit. [online]. 2008, vol.28, n.4, pp.612-630. ISSN 1809-4538.  https://doi.org/10.1590/S0101-31572008000400005.

On this paper, we propose a change in the primary surplus' target by the government current account saving. That concept excludes public investment from primary surplus. However, of that change has raised a question about if government current account saving represents a sustainable fiscal policy. Thus, this paper analyses if the change in the primary surplus' target by the government current account saving implies a meaning modification on the debt-to-GDP ratio path. The empirical analysis, which is based on Brazilian monthly data for the period 1999-2005, suggests that the change in fiscal target does not mean a lack of sustain-ability.

Palavras-chave : primary surplus; debt-to-GDP ratio; government current account saving.

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