In this paper we investigate the macroeconomic and welfare effects of recent proposals to reduce the tax burden on the production sector in Brazil. We evaluate two specific policy measures: a) the replacement of social security taxes with a consumption tax; and b) the provision of tax incentives...

In this paper we investigate the real effects of fiscal policy in Brazil during the 1995-2008 period by estimating a VAR model that explicitly takes into consideration the role of public debt in the determination of fiscal variables, as recommended by Favero and Giavazzi (2007). According to our...

O objetivo deste trabalho é avaliar os impactos macroeconômicos e de bem-estar de algumas propostas recentes de desoneração tributária do setor produtivo nacional. Em particular, busca-se avaliar os impactos da substituição de parte da contribuição previdenciária por uma tributação...

The Programa Crescer is a sub-program under the Programa Nacional de Microcredito Produtivo Orientado (PNMPO), considered a microcredit policy aimed at low-income formal and informal micro-entrepreneurs, providing credit without collateral and with interest rates subsidized by the Governo...

This paper aims to contribute to the debate on the best way to reduce the tax burden on the production sector in Brazil, by simulating an overlapping generations model calibrated to the country's economy. Our focus is on the comparison of the macroeconomic and welfare impacts brought about by...

Financial constraints on Brazilian firms are very high compared to advanced economies. In Brazil, 59% of firms have access to a bank loan or a credit line. In developed countries, the average percentage is 95%. Loan collateral requirements are much higher in Brazil (95% of the loan value) than...