DEBT AND BORROWING REQUIREMENTS OF THE BRAZILIAN PUBLIC SECTOR (1995-2016): AN ASSESSMENT OF THE POST-REAL PERIOD

ABSTRACT

The aim of this paper is to analyze the debt and borrowing requirements trajectories of the Brazilian public sector between 1995 and 2014, considered from the point of view of three major periods, that is, 1995-2002, 2003-2008 and 2009-2014. It can be observed that singular external conditions, both in terms of commodity prices and of net inflows of international capitals to the Brazilian economy, were essential for the improvement of its main fiscal indicators, namely, the borrowing requirements, the gross debt and the net debt, all considered in relation to GDP. More recently, the deterioration of the macroeconomic environment and, as a consequence, of the greater difficulty to generate higher primary fiscal surpluses, have raised new and complex challenges for public accounts management in Brazil.

KEYWORDS:
public accounts; public sector net debt; public sector borrowing requirements; international liquidity; Brazil.