The public deficit and the growth of the federal securities debt (1995-2018)

Vol. 41 No. 1 (2021)

Jan-Mar / 2021
Published February 9, 2021
PDF-Portuguese (Pt-BR)
PDF-Portuguese (Pt-BR)

How to Cite

Couto, Joaquim Miguel, Luis Gustavo Alves Lima, and Ana Cristina Lima Couto. 2021. “The Public Deficit and the Growth of the Federal Securities Debt (1995-2018)”. Brazilian Journal of Political Economy 41 (1), 65-78. https://doi.org/10.1590/0101-31572021-2915.

The public deficit and the growth of the federal securities debt (1995-2018)

Joaquim Miguel Couto
Professor Associado do Departamento de Economia da Universidade Estadual de Maringá – UEM, Maringá/PR, Brasil.
Luis Gustavo Alves Lima
Bacharel em Ciências Econômicas pela Universidade Estadual de Maringá – UEM, Maringá/PR, Brasil.
Ana Cristina Lima Couto
Professora Adjunta do Departamento de Economia da Universidade Estadual de Maringá – UEM, Maringá/PR, Brasil.
Brazilian Journal of Political Economy, Vol. 41 No. 1 (2021), Jan-Mar / 2021, Pages 65-78

Abstract

The deficit of the public accounts is usually pointed out as the main responsible for the increase of the national debt. However, this is not true. The analysis done this study, for the period 1995 to 2018, showed that the Central Government nominal deficit represented only a smaller part of the growth of the Domestic Federal Public Debt (DPMFi). Other factors, mainly those related to the monetary and exchange policy of the Central Bank, explain most of the growth of the DPMFi in the period.

JEL Classification: H6; H63.


Keywords: DPMFi, public deficit, primary result, nominal result