Federalismo e a União Monetária Brasileira

Authors

  • Ronald Otto Hillbrecht Universidade Federal do Rio Grande do Sul - UFRGS Author

Keywords:

federalism, monetary union, macroeconomic stability, resouces allocation

Abstract

Federalism is a political system that can potentially preserve markets and thrive wealth. For federalism to reduce encroachment of government on markets it is necessary to impose hard budget constraints on each level of government. It is shown that if budget constraints are hard, in addition to the conditions met in Tiebout (1956), competition among units of government can improve resource allocation and allow for macroeconomic stability. The existence of hard budget constraints on lower level governments of Brazilian federalism is discussed, and some policy reforms are suggested.

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Published

01-03-1997

Issue

Vol. 27 No. 1 (1997)

Section

Articles

License

Copyright (c) 1997 Estudos Econômicos (São Paulo)

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

By submitting an article, the author authorizes its publication and attests that it has not been submitted to any other journal. The original article is considered final. Articles selected for publication are proofread for grammatical and orthographic errors. The journal does not pay rights for published articles. The Institute of Economic Research from the School of Economics, Business and Accounting of the University of São Paulo (Instituto de Pesquisas Econômicas da Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo) owns the journal's copyright.

How to Cite

Hillbrecht, R. O. (1997). Federalismo e a União Monetária Brasileira. Estudos Econômicos (São Paulo), 27(1), 53-67. https://www.revistas.usp.br/ee/article/view/116881