Fiscal Sustainability in Transport Infrastructure Investments: Elements to make an admeasurement Conceptual Model / Sustentabilidade fiscal de projetos de investimentos em infra-estrutura de tranportes : elementos para a construção de um modelo conceitual de aferição
AUTOR(ES)
Artur Carlos de Morais
DATA DE PUBLICAÇÃO
2007
RESUMO
Researches about Brazilian economy behavior related to transportation infrastructure investments concluded that there is a strong relationship among these investments and Gross Domestic ProductGDP, factors of production productivity and regional development. The development and competitiveness seeking can not be restricted by companies rules; they depend on a lack of factors like the nations macroeconomy and institutional situation. Constant governmental investments are essentials to improve the Brazilian infrastructure net and they are subordinated to a fiscal and political logic. A fiscal logic because it is necessary to promote primary surplus without differ Public Sector Current Expenditure - PSCE from investment expends. A political logic for the reason that the governmental tendency to cut investments instead of PSCE, after deciding that it is produce in short-term less devastation in the election process. Thereby, projects that present profitability without risks to the fiscal sustainability (equilibrium) from public debt will have a strong argument to subvert that logic. The present dissertation defines determinants to analyze an infrastructure of investment project from the fiscal sustainabilitys point of view, adapting the income taxes arising from the implantation of the project. Therefore, the concept of fiscal sustainability, its verifying tools and its mathematic formulation was studied and compared to the indicators of project analysis. The result showed that the same determinants applied to the sustainability of public debt could be conceptually applied to the profitability analysis from an investment project, including the same mathematic formulation. The main findings showed that the fiscal sustainability concept is feasible during the analysis of an infra-structure of investment project.
ASSUNTO(S)
sustentabilidade fiscal transportes - infra-estrutura outros
