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Public debt, government current account saving and primary surplus

Author

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  • Alexandre Manoel Angelo da Silva
  • Manoel Carlos de Castro Pires

Abstract

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 sustainability. JEL Classification: H62; H63; H69.

Suggested Citation

  • Alexandre Manoel Angelo da Silva & Manoel Carlos de Castro Pires, 2008. "Public debt, government current account saving and primary surplus," Brazilian Journal of Political Economy, Center of Political Economy, vol. 28(4), pages 612-630.
    • Handle: RePEc:ekm:repojs:v:28:y:2008:i:4:p:612-630:id:545
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    More about this item

    Keywords

    primary surplus; debt-to-GDP ratio; government current account saving;
    All these keywords.

    JEL classification:

    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H69 - Public Economics - - National Budget, Deficit, and Debt - - - Other

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