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The paper sets out and elaborates on six propositions on budget deficits, public debt and money which should inform debates on fiscal policy. The propositions are: Money availability is not a limitation on government expenditure as the central bank is able to provide any required finance. The key considerations should focus on the issues of the social desirability of the proposed expenditure and the eventual funding of the expenditure. Phrases such as ‘magic money tree’ are designed to confuse and mislead. Proposals such as people’s QE do not enable any stimulus which cannot be obtained from conventional fiscal policy and is anti-democratic putting expenditure decisions in the hands of unelected central bankers. The golden rule’ of public finance (borrowing only for public investment) suffers from the fallacy of treating government like a firm and is comparable to the ‘government is like a household’ fallacy. The target for budget position should be to secure full employment and capacity. Funds would be forthcoming to underpin such a position. Public debt should be judged sustainable (and not excessive) by reference to the level of debt which results from a budget position as forthcoming from proposition 5. Public debt is to be considered as less of an issue (when government can cover interest through taxation and through money creation) than private debt and foreign debt.

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The article tries to understand whether, in budgetary terms, the prison system is effective or not. A study in this sense is of fundamental importance for good practices in politics/criminal area, since efficient investments presuppose the perception of the deficiencies that are intended to cure. First, it seeks to elucidate the mechanisms of the public budget, as well as some particularities relating to its non-binding. Second, there is a brief history of the public budget, specific emphasis on the system of the National Penitentiary Fund and the topic of its contingency. It uses the deductive methodology, descriptive and exploratory qualitative research, as well as the documentary analysis of the indices presented by the government at the national level. In this way, it will be possible to fulfill the main objective of the study that is to evaluate, in economic terms, the prison system is feasible, clarifying, showing numbers, the current state of the art in Brazil. Our conclusion is that the policy of public spending and prisons has no symmetry, and that imprisonment is ineffective in fighting crime. Given the numbers, it is possible to affirm that the budget deficit of the prison system is practically irrecoverable. [ABSTRACT FROM AUTHOR]

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ABSTRACT Beyond representing coordination or government failures, the Brazilian financial crisis in the 1980s characterized the dominance of financial interests on public policies. This paper shows that such dominance began with the external debt negotiations in 1982, which put international creditors’ interest first. It argues that the imposed external adjustment - specially the exchange rates devaluation, public investment cuts and the hike in real interest rates - generated recession and financial instability (notoriously inflation), which would threat depreciating private wealth. Therefore, both the external adjustment and the private wealth protection only turned possible due to the increasing public deficits and debts - including by transferences of debt from private to public sector. The dominant perspective, found in the literature on the period, blaming government deficits and debts for the financial instability of the 1980s is wrong. Economists, even heterodox ones, still believe that Brazil’s financial crisis in the 1980s resulted from budget deficits and public debts. This paper shows, contrary to the dominant view, that once the public sector had to allow private wealth adjustment to the external conditions imposed by foreign creditors, public deficits were the only possible outcome in that conditions.

Budget deficit and national savings: theoretical approach. A consensus has not yet emerged about the relationship between budget deficit, external deficit and national saving. According to mainstream economic literature the budget deficit can cause an insufficiency of national saving for a given investment rate. In this case, the investment rate will not be reduced if foreign saving is absorbed, causing an external deficit. In general, the mechanisms through which budget deficits could cause current account deficits are not highlighted in the works about this theme. We arrive at the conclusion that there is not a systematic relationship between budget deficit, current account deficit and national saving and that when it happens it can be processed only through changes in the real exchange rate. [ABSTRACT FROM AUTHOR]

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The Program of Economic and Financial Assistance agreed in 2011 between the Portuguese Government, the European Central Bank, the European Commission and the International Monetary Fund provides, for a three year period, several measures aiming to reduce the budgetary deficit, through the reduction of public spending in various sectors of the State. Several of these measures, qualified as structural, relate to the health sector, and aim to increase the efficiency and effectiveness of the National Health System. Within these measures, the ones aimed at the reduction of expenditure on procurement of drugs, for which quantitative limits were set stand out. To fulfill these goals within the prescribed time limit, it was necessary to substantially amend since 2011 the legal regime of human drugs and related legislation. [ABSTRACT FROM AUTHOR]

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The finance-investment-savings-funding circuit in open economies. On monetary economies the Finance-Investment-Savings-Funding circuit (F-I-S-F) prevails. Investment precedes savings. This circuit was worked out for a closed economy. This study seeks to demonstrate that the circuit F-I-S-F also prevails for open economies. A second point studied in this paper relates the relationship between budget deficits and savings restriction for investment. Conclusions highlight that the circuit F-I-S-F prevails for open economies and that budget deficits do not cause savings restriction for investment. In some situations budget déficits transfer the effects of investment for national savings formation from domestic economy to the rest of the world. [ABSTRACT FROM AUTHOR]

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The author discusses the crisis of Europe from three perspectives, which are economic crisis and democratic deficit, marginalization of social sciences, and actuality of Anthropology. She is critical of the structural adjustment policies to reduce public budget deficits which targeted areas such as public health and education. She also encourages European anthropologists to create organizations to press for recognition.

The finance-investment-savings-funding circuit in open economies. On monetary economies the Finance-Investment-Savings-Funding circuit (F-I-S-F) prevails. Investment precedes savings. This circuit was worked out for a closed economy. This study seeks to demonstrate that the circuit F-I-S-F also prevails for open economies. A second point studied in this paper relates the relationship between budget deficits and savings restriction for investment. Conclusions highlight that the circuit F-I-S-F prevails for open economies and that budget deficits do not cause savings restriction for investment. In some situations budget déficits transfer the effects of investment for national savings formation from domestic economy to the rest of the world.

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This article analyzes the complex relationship between reform and revolution in and through the complexities formulated by, for the time being, successful neoliberal offensive in Latin America. Such a process has benefited and capitalized on the difficulties associated with the global credit crisis and has generated problems of budget deficits for progressive and revolutionary governments throughout the region.

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Não há consenso sobre a relação entre déficit público, déficit em transações correntes e poupança nacional. É comum o argumento de que o déficit público causa insuficiência de poupança nacional em relação a uma dada taxa de investimento. Assim, para que a taxa de investimento não seja reduzida, torna-se necessário absorver poupança externa, implicando déficit em transações correntes. Trata-se da tese dos déficits gêmeos. Pretende-se neste trabalho testar uma das hipóteses presentes nos estudos sobre este tema, a saber, o déficit público provoca um déficit em transações correntes porque causa uma apreciação da taxa de câmbio real. Através de estimação de modelo com dados em painel para 35 países durante o período 1991-2000, este artigo conclui pela rejeição da citada hipótese.A consensus has not yet emerged about the relationship between budget deficit, external deficit and national saving. According to mainstream economic literature, the budget deficit can cause an insufficiency of national saving for a given investment rate. In such cases, the investment rate will not be reduced if foreign saving is absorbed, thus causing an external deficit. This is the twin deficits hypothesis. This study seeks to test the hypothesis that the budget deficit causes a external deficit because it causes the appreciation of the real exchange rate. This paper concludes that there is no regular causal relationship between budget deficits and external deficits. This conclusion is empirically conformed by means of estimating a panel data model for 35 countries during the 1991-2000 period.

A consensus has not yet emerged about the relationship between budget deficit, external deficit and national saving. According to mainstream economic literature the budget deficit can cause an insufficiency of national saving for a given investment rate. In this case, the investment rate will not be reduced if foreign saving is absorbed, causing an external deficit. In general, the mechanisms through which budget deficits could cause current account deficits are not highlighted in the works about this theme. We arrive at the conclusion that there is not a systematic relationship between budget deficit, current account deficit and national saving and that when it happens it can be processed only through changes in the real exchange rate.

The objective of this text is to analyze the performance of the fluvial navigation in the state of Santa Catarina in the last quarter of the XIXth century until half of the XXth. After a brief panorama on the Brazilian fluvial navigation, the text pay special attention to the navigation in the Itajaí-Açu River by the “Companhia de Navegação Fluvial a Vapor Itajahy-Blumenau” (1878-1954). In the analyzed period, Santa Catarina presented a regional specialization and an economic spalling that reflected in the communication and transportation routes, generating a disarticulated system that, in a certain form, delayed the state’s regional integration. The “Companhia de Navegação Fluvial a Vapor Itajahy-Blumenau” was established in 1878 and navigated between the colony of Blumenau and the port of Itajaí. In 1909, the Company was incorporated by the “Estrada de Ferro Santa Catarina” who did the conjugated transportation from the colonies in the hinterland (by railway) to the coast (by river). In 1919, the navigation company and the railroad had been expropriated by the Federal Government and passed to the state government. In the 1930’s both had started to present a business loss and the navigation started to loose its significance. After the railway line extension from Itajaí to Blumenau, inaugurated in 1954, the navigation was completely deactivated. Even with its budget deficits, the navigation throughout the Itajaí-Açú River was fundamental to the Blumenau integration into a larger and more important commercial net.

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This paper analyzes the role of fiscal policy sustainability on the determinants of domestic interest rate of 18 emerging market countries, in the period 1996-2008. This issue deserves attention since countries in the sample present a great level of heterogeneity relating to inflation target and exchange rate regime, political system, foreign reserves and saving rates; and such differences may also affect interest rate. Despite the heterogeneity between countries, the result shows that is not possible to reject the hypothesis that fiscal policy sustainability decreases domestic interest rate in emerging markets. An increase of 1% at primary budget decreases interest rate between 50 to 100 basis point; a figure tree times higher than the one estimated by Aisen & Hauner (2008) for emerging economies. This fact illustrates the importance of fiscal policy in determining interest rate in emerging economies and therefore the limitation of central bank in the conduction of monetary policy. [ABSTRACT FROM AUTHOR]

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