Public debt and the limits of fiscal policy to increase economic growth

Research that seeks to estimate the effects of fiscal policies on economic growth has ignored therole of public debt in this relationship. This study proposes a theoretical model of endogenous growth,which demonstrates that the level of the public debt-to-gross domestic product (GDP) ratio shouldnegatively impact the effect of fiscal policy on growth. This occurs because government indebtednessextracts part of the savings of the young to pay interest on the debts of the older generation, who are nolonger saving. Therefore, the payment of debt interest assumes an allocation exchange role betweengenerations that is similar to a pay-as-you-go pension system, which results in changes in the savingsrate of the economy. The major conclusions of the theoretical model were tested using an econometricmodel to provide evidence for the validity of this conclusion. Our empirical analysis controls for timeinvariant,country-specific heterogeneity in the growth rates. We also address endogeneity issues andallow for heterogeneity across countries in the model parameters and for cross-sectional dependence.

OS EFEITOS DA QUALIDADE DO ENSINO SOBRE O CRESCIMENTO ECONÔMICO

This article analyzes the effects of quality schooling on economic growth, focusing mainly the empirical aspects of this line of research. The text aims to answer fundamental questions put forward by recent literature: What effects education had on economic growth? Has the increase of average schooling affected equally both developed and developing countries? To answer these questions, the most relevant recent empirical studies are reviewed, analyzing not only their econometric results but also their methodologies. Then, econometric estimates are performed, bringing to light new evidence on the issue. They are more conclusive than previous results found in the literature, showing that effective education has a positive effect on growth.

Financing of The Medium, Small and Micro Enterprises Sector By Sharia Banking: Positive Effects on Economic Growth and Negative Effects on Income Inequality

This study aims to find empirical evidence that the financing provided by Islamic banking in Indonesia has a positive effect on economic growth and reduces income inequality. The method used in this study is an analysis of Structural Equation Model PLS using WarpPLS. The analysis shows the empirical evidence that Islamic banking financing of the MSMEs sector has a significant positive effect on economic growth and a significant negative effect on income inequality. Economic growth has also been shown to have a negative effect on inequality. However, the analysis results show that the economic growth is unable to mediate the relationship between financing of the MSMEs sector toward income inequality. This study concludes that financing the MSMEs sector by Islamic banking can increase economic growth in Indonesia and impact reducing people's income. The contribution of this research is that the financing of the MSMEs sector by Islamic banking must be increased because it can increase economic growth and reduce income

Organização econômica

Organização econômic

Minha casa minha vida program, prioritization of well being aspect and the agency aspect: expansion of capabilities via access to adequate housing

The right to adequate housing is part of the fundamental social rights listed on the Federative Republic of Brazil Constitution. Even before, the State showed some worry about the problem with housing deficit. Different public policies have come with the time. Nowadays, Minha Casa Minha Vida Program (PMCMV) works as the main tool to the public housing policy. Despite the difference between the property right and adequate housing right, the focus given by PMCMV is the housing unities production which is linked to real estate market, what determine the prioritization of well being aspect of their beneficiaries, understood as the access to the real estate good produced at the program. Beyond the well being aspect, it is searched to give that the data of the evaluation to the program are structured taking in consideration the development of agency aspect of their beneficiaries with an expansion process of their capabilities via access to adequate housing

Infra-estrutura e produtividade no Brasil

Este artigo analisa a relação entre infra-estrutura e produtividade total dos fatores (PTF) no Brasil entre 1950 e 2000. O estoque de capital público é utilizado como proxy para o capital de infra-estrutura. A hipótese a ser testada é a de que um aumento no estoque de infra-estrutura de maneira mais acentuada que uma elevação no estoque de capital privado tem um efeito positivo sobre a produtividade no longo prazo. Para tanto, utilizou-se o procedimento de Johansen com o objetivo de testar a cointegração entre a PTF e a razão capital público/privado. De fato, comprovou-se que essa relação de complementaridade (capital público-privado) ajuda a explicar a trajetória da PTF de 1950 a 2000. Os resultados se mostraram robustos a diferentes medidas de produtividade e da proporção capital público/privado. Além disso, a análise de curto (médio) prazo indicou que choques nesta proporção têm um impacto significativo sobre a PTF, mas o contrário não ocorre. Assim, a diminuição dos investimentos em infra-estrutura pode ser uma possível explicação para a queda da PTF verificada nos anos 70 e 80.

Persistência e mudança em sociedades de "folk" no Brasil

No Brasil, e muito particularmente no Es-tado de São Paulo, “zona velha” e “zona nova”de povoamento são expressões que correspon-dem não só a áreas geografìcamente distintas,como também, pelo menos numa representa-ção ideal, a dois tipos extremos em matéria deestabilidade social e de sedimentação cultural.Quanto à primeira, encontramo-nos no do-mínio da integração cultural, da atividade ro-tinizada, de um ajustamento mais equilibradodo homem ao meio físico, onde ainda se podeprocurar pela vigência de “folk ways”, “folklore” e “folk songs” em pleno funcionamentose se quiser caracterizar, pela sua posse, umapopulação campesina ou rústica2. Quanto àsegunda, deparamos com aquele quadro típicoque levou Pierre Monbeig a dizer que nas zo-nas pioneiras “em tôda a parte, na cidade comono campo, o viajante sente que nada é estável,nada é definitivo” (1952, p. 11). De um lado,portanto, a pouca mobilidade espacial e umadefinição assentada da posição ecológica dasvárias cidades que exercem função de “centrosde dominância” ou “capitais regionais”. Deoutro, o verdadeiro nomadismo daqueles in-divíduos que se habituaram a estar sempre noextremo de um trilho de estrada de ferro, na“boca do sertão”, no ponto da última arran-cada da “marcha para o oeste”, muito emboratenham deixado atrás de si a situação prósperade outro centro ainda novo e promissor; zonade intensa competição entre as várias cidadespela disputa da posição de dominância sobre asáreas circundantes