Fiscal management and pillars of the Fiscal Responsibility Law in Brazil: evidence in large municipalities

Cruz, Cláudia Ferreira da; Afonso, Luís Eduardo

doi:10.1590/0034-7612165847

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Article • Rev. Adm. Pública 52 (1) • Jan-Feb 2018 • https://doi.org/10.1590/0034-7612165847 copy

Fiscal management and pillars of the Fiscal Responsibility Law in Brazil: evidence in large municipalities

Authorship SCIMAGO INSTITUTIONS RANKINGS

Abstract

Through a multidimensional perspective of fiscal management, the present study analyses the relationship between the indexes of fiscal compliance and fiscal limits with variables that represent the pillars of planning, transparency and control. The study used primary data from 282 Brazilian municipalities, with more than 100 thousand inhabitants, in the period between 2010 and 2013. The fiscal indexes did not present relevant mutual relationships and showed a reduced association with the other variables of fiscal management. It is suggested that one of the reasons lies in the difference between the incentives that public managers have to accomplish fiscal targets and limits and to comply with the other pillars. This paper broadens the discussion about responsible fiscal management evaluation, as well as the literature on indexes of compliance with targets and fiscal limits.

Keywords:
fiscal responsibility; fiscal indexes; Brazilian municipalities; public finance; public accounting

Variable	n	Average	Median	Minimum	Maximum	Standard deviation
m_dpess	1075	0.134	0.125	-0.488	0.619	0.1216
m_dcl	1074	0.915	0.947	-0.779	2.053	0.2432
m_garant	1074	0.971	1.000	-0.124	1.000	0.1289
m_opcr	1074	0.918	1.000	-2.101	1.000	0.2130
m_aro	1074	0.991	1.000	-1.286	1.000	0.1198

Variable	n	Average	Median	Minimum	Maximum	Standard deviation
res_nom	629	-0.114	-0.734	-793.293	2203.191	105.8791
res_prim	654	45.504	0.332	-1107.405	21945.464	891.3585

Variables	n	Average	Median	Minimum	Maximum	Standard deviation
pl_rorc	1075	0.936	0.936	0.430	1.777	0.1560
pl_rcor	1074	1.026	1.022	0.560	1.934	0.1192
pl_rtrib	1074	1.096	1.064	0.421	6.716	0.2708
pl_rtrcor	1074	1.014	1.011	0.488	1.920	0.1167
pl_rcap	1074	111.217	0.271	0.000	115800	3533.586
pl_rtrcap	1076	37.674	0.271	0.000	28247.246	876.8947

Variable	n	Average	Median	Minimum	Maximum	Standard deviation
pl_dorc	1075	0.913	0.915	0.278	1.669	0.1558
cr_adic	1076	0.107	0.075	-0.039	1.002	0.1167
pl_dcor	1073	1.051	1.044	0.410	1.602	0.1195
pl_dcap	1073	0.619	0.512	0.046	6.548	0.4452
insc_rpg	1073	0.085	0.077	0.000	0.415	0.0556

Variable	n	Average	Median	Maximum	Standard deviation
tr_plan	1128	0.571	0.750	1	0.3864
tr_exec	1128	0.646	0.750	1	0.4146
tr_pcon	1128	0.365	0.359	1	0.3159
tr_fiscal	1128	0.504	0.569	1	0.2798
ex_anter	282	1.613	0	11	2.6241

Year	pp_fav		pp_fav_res		pp_desfav		Total
Year	n	%	n	%	n	%	Total
2010	127	0.512	67	0.270	54	0.218	248
2011	99	0.440	73	0.324	53	0.236	225
2012	49	0.327	40	0.267	61	0.407	150
2013	13	0.325	26	0.650	1	0.025	40
Total	288	0.434	206	0.311	169	0.255	663

	res_nom	res_prim	m_dpess	m_dcl	m_garant	m_opcr	m_aro	liq_rpg
pl_rorc	0,090 **	0,016	0,216 ***	0,095 ***	0,028	-0,010	-0,037	-0,018
	0,024	0,679	0,000	0,002	0,365	0,740	0,232	0,562
pl_rcor	0,091 **	0,006	0,210 ***	0,165 ***	0,049	0,021	-0,042	0,029
	0,022	0,872	0,000	0,000	0,112	0,483	0,171	0,351
pl_rtrib	-0,033	0,017	-0,019	0,079 **	0,034	0,049	-0,029	0,031
	0,415	0,660	0,532	0,010	0,261	0,108	0,346	0,319
pl_rtrcor	0,067 *	-0,004	0,173 ***	0,146 ***	0,055 *	0,032	-0,006	0,014
	0,096	0,918	0,000	0,000	0,074	0,295	0,845	0,658
pl_rcap	-0,003	0,000	0,011	0,012	0,007	0,012	0,002	0,008
	0,940	0,992	0,711	0,701	0,815	0,692	0,936	0,792
pl_rtrcap	0,000	-0,004	0,013	0,030	0,009	0,014	0,003	-0,003
	0,994	0,914	0,667	0,331	0,760	0,640	0,916	0,936
pl_dorc	0,083 **	-0,001	0,134 ***	0,012	0,016	0,011	-0,042	-0,011
	0,038	0,975	0,000	0,687	0,597	0,710	0,171	0,734
cr_adic	0,077 *	-0,021	0,127 ***	0,138 ***	0,036	-0,005	-0,093 ***	-0,007
	0,055	0,596	0,000	0,000	0,234	0,867	0,002	0,818
pl_dcor	0,099 **	0,011	0,043	0,057 *	0,030	0,033	-0,087 ***	0,028
	0,013	0,769	0,162	0,061	0,333	0,279	0,004	0,375
pl_dcap	-0,016	-0,011	0,145 ***	0,061 **	0,023	-0,048	-0,021	-0,013
	0,691	0,783	0,000	0,047	0,459	0,114	0,497	0,674
insc_rpg	-0,050	-0,054	-0,101 ***	-0,042	0,054 *	0,020	-0,068 **	-0,072 **
	0,215	0,165	0,001	0,168	0,078	0,521	0,027	0,021
tr_fiscal	-0,063	0,046	0,170 ***	-0,006	-0,206 ***	-0,156 ***	0,006	0,037
	0,113	0,238	0,000	0,834	0,000	0,000	0,852	0,240
ex_anter	0,013	0,057	0,167 ***	-0,041	-0,218 ***	-0,095 ***	-0,027	0,033
	0,738	0,144	0,000	0,177	0,000	0,002	0,376	0,285

	VCLMF: m_dpess			VCLMF: m_dcl			VCLMF: m_garant			VCLMF: m_opcr
	Random effects			Fixed Effects			Random effects			Random effects
	Coef.	z	Sig	Coef.	t	Sig	Coef.	z	sig	Coef.	z	sig
factor_pl	0,013**	2,59	0,010	0,0325***	2,76	0,006	0,0024	0,44	0,663	0,0066	0,83	0,408
tr_fiscal	0,019	0,81	0,417	-0,0199	-0,36	0,721	-0,0460**	-2,41	0,016	-0,0849**	-2,54	0,011
ex_anter	0,007***	2,79	0,005				-0,0064	-1,43	0,153	-0,0011	-0,27	0,787
pp_fav	0,005	0,69	0,489	-0,013	-0,8	0,426	-0,0054	-0,7	0,484	-0,0204*	-1,69	0,090
pp_desfav	-0,017*	-1,77	0,078	-0,0443*	-1,89	0,060	-0,0006	-0,1	0,918	-0,0026	-0,19	0,847
cgm	-0,024*	-1,85	0,064				-0,0262**	-2,05	0,040	0,0461**	2	0,045
C	0,146***	8,99	0,000	0,9325***	29,98	0,000	1,0234***	82,4	0,000	0,9477***	36,32	0,000
	Wald chi²	27,91	0,0001	F	2,29	0,0603	Wald chi²	11,61	0,0713	Wald chi²	28,72	0,0001
R²	Within	0,0078			0,0586			0,000			0,0017
	Between	0,1186			0,0498			0,079			0,0573
	Overall	0,1027			0,0489			0,0719			0,0466

Fundação Getulio Vargas Fundaçãoo Getulio Vargas, Rua Jornalista Orlando Dantas, 30, CEP: 22231-010 / Rio de Janeiro-RJ Brasil, Tel.: +55 (21) 3083-2731 - Rio de Janeiro - RJ - Brazil
E-mail: rap@fgv.br

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[1] Cláudia Ferreira da Cruz - PhD, Accounting (University of São Paulo). Associate professor at Federal University of Rio de Janeiro. E-mail: claudiacruz@facc.ufrj.br.