{"id":2399,"date":"2024-06-29T15:54:43","date_gmt":"2024-06-29T18:54:43","guid":{"rendered":"https:\/\/madeusp.com.br\/?post_type=made_publication&#038;p=2399"},"modified":"2024-11-01T19:21:58","modified_gmt":"2024-11-01T22:21:58","slug":"consideracoes-sobre-o-regime-fiscal-sustentavel-e-a-importancia-do-investimento-publico-para-seu-funcionamento","status":"publish","type":"made_publication","link":"https:\/\/madeusp.com.br\/en\/publications\/articles\/consideracoes-sobre-o-regime-fiscal-sustentavel-e-a-importancia-do-investimento-publico-para-seu-funcionamento\/","title":{"rendered":"Considera\u00e7\u00f5es sobre o regime fiscal sustent\u00e1vel e a import\u00e2ncia do investimento p\u00fablico para seu funcionamento"},"content":{"rendered":"<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>A pre\u00adsen\u00adte nota pro\u00adcu\u00adra adi\u00adci\u00ado\u00adnar novas considerac\u0327o\u0303es ao deba\u00adte em tor\u00adno do regi\u00adme fis\u00adcal sustenta\u0301vel, apro\u00adva\u00addo pela Ca\u0302mara dos Depu\u00adta\u00addos em 24 de maio de 2023. Na\u0303o sa\u0303o ava\u00adli\u00ada\u00addas as mudanc\u0327as pro\u00adpos\u00adtas pelo Sena\u00addo Fede\u00adral, ain\u00adda que pou\u00adcas alterac\u0327o\u0303es sejam espe\u00adra\u00addas no que diz res\u00adpei\u00adto aos resul\u00adta\u00addos aqui obti\u00addos. Apre\u00adsen\u00adta-se uma revisa\u0303o de alguns dos pon\u00adtos tra\u00adba\u00adlha\u00addos na Nota de Poli\u0301tica Econo\u0302mica no 36, que fez uma avaliac\u0327a\u0303o pre\u00adli\u00admi\u00adnar das novas regras fis\u00adcais ain\u00adda com base na pro\u00adpos\u00adta ori\u00adgi\u00adnal do gover\u00adno. Para ale\u0301m de uma atualizac\u0327a\u0303o dos resul\u00adta\u00addos da NPE no 36, a pre\u00adsen\u00adte nota incor\u00adpo\u00adra, nas projec\u0327o\u0303es rea\u00adli\u00adza\u00addas, o efei\u00adto mul\u00adti\u00adpli\u00adca\u00addor do inves\u00adti\u00admen\u00adto pu\u0301blico sobre o ni\u0301vel de ati\u00advi\u00adda\u00adde econo\u0302mica e, como conseque\u0302ncia, sobre a arrecadac\u0327a\u0303o tributa\u0301ria e a trajeto\u0301ria dos gas\u00adtos pu\u0301blicos no Bra\u00adsil. Sabe-se que os inves\u00adti\u00admen\u00adtos pu\u0301blicos cos\u00adtu\u00admam apre\u00adsen\u00adtar alto efei\u00adto mul\u00adti\u00adpli\u00adca\u00addor, o que des\u00adpon\u00adta como rele\u00advan\u00adte dian\u00adte da preocupac\u0327a\u0303o do novo regi\u00adme fis\u00adcal em garan\u00adtir um valor mi\u0301nimo obrigato\u0301rio (piso) de inves\u00adti\u00admen\u00adtos pu\u0301blicos e de auto\u00adri\u00adzar o uso de exces\u00adsos de supera\u0301vit para ale\u0301m do limi\u00adte supe\u00adri\u00ador da meta de prima\u0301rio para inves\u00adti\u00admen\u00adtos no ano seguin\u00adte. E\u0301 impor\u00adtan\u00adte des\u00adta\u00adcar que esta ana\u0301lise apre\u00adsen\u00adta limitac\u0327o\u0303es: mudanc\u0327as pro\u00adpos\u00adtas pelo Sena\u00addo Fede\u00adral ain\u00adda podem ser incor\u00adpo\u00adra\u00addas; o mul\u00adti\u00adpli\u00adca\u00addor do inves\u00adti\u00admen\u00adto pu\u0301blico e\u0301 ape\u00adnas um dos va\u0301rios con\u00addi\u00adci\u00ado\u00adnan\u00adtes do cres\u00adci\u00admen\u00adto econo\u0302mico, e as projec\u0327o\u0303es sa\u0303o fei\u00adtas com base em esti\u00adma\u00adti\u00advas futu\u00adras que esta\u0303o sujei\u00adtas a mudanc\u0327as e que na\u0303o neces\u00adsa\u00adri\u00ada\u00admen\u00adte sera\u0303o efe\u00adti\u00adva\u00addas. De toda for\u00adma, acre\u00addi\u00adta-se que contribuic\u0327o\u0303es anali\u0301ticas impor\u00adtan\u00adtes podem ser reti\u00adra\u00addas da pre\u00adsen\u00adte avaliac\u0327a\u0303o. Algu\u00admas delas sa\u0303o: i) o inves\u00adti\u00admen\u00adto pu\u0301blico e\u0301 impor\u00adtan\u00adte con\u00addi\u00adci\u00ado\u00adnan\u00adte da trajeto\u0301ria das des\u00adpe\u00adsas prima\u0301rias na\u0303o ape\u00adnas devi\u00addo ao seu alto efei\u00adto mul\u00adti\u00adpli\u00adca\u00addor sobre o ni\u0301vel de ati\u00advi\u00adda\u00adde econo\u0302mica e a ren\u00adda gera\u00adda e, por\u00adtan\u00adto, da capa\u00adci\u00adda\u00adde arrecadato\u0301ria por par\u00adte do gover\u00adno, mas tambe\u0301m por\u00adque ele tem mai\u00ador pos\u00adsi\u00adbi\u00adli\u00adda\u00adde de variac\u0327a\u0303o den\u00adtre as des\u00adpe\u00adsas sujei\u00adtas a\u0300 regra do novo regi\u00adme fis\u00adcal; ii) o inves\u00adti\u00admen\u00adto pu\u0301blico pode pro\u00admo\u00adver um meca\u00adnis\u00admo de retroalimentac\u0327a\u0303o: mais (menos) inves\u00adti\u00admen\u00adto pu\u0301blico, mai\u00ador (menor) ren\u00adda, mai\u00ador (menor) arrecadac\u0327a\u0303o, mai\u00ado\u00adres (meno\u00adres) gas\u00adtos e tambe\u0301m mai\u00ado\u00adres (meno\u00adres) inves\u00adti\u00admen\u00adtos pu\u0301blicos; iii) as mudanc\u0327as na dina\u0302mica do inves\u00adti\u00admen\u00adto em comparac\u0327a\u0303o a\u0300 pro\u00adpos\u00adta ori\u00adgi\u00adnal podem tor\u00adnar o novo regi\u00adme fis\u00adcal menos antici\u0301clico e ten\u00addem a reforc\u0327ar o cara\u0301ter superavita\u0301rio da regra, ain\u00adda que redu\u00adzin\u00addo a capa\u00adci\u00adda\u00adde de gerar exce\u00adden\u00adtes de resul\u00adta\u00addo prima\u0301rio capa\u00adzes de serem trans\u00adfor\u00adma\u00addos em inves\u00adti\u00admen\u00adtos; iv) com essa capa\u00adci\u00adda\u00adde redu\u00adzi\u00adda, as projec\u0327o\u0303es apon\u00adtam para uma reduc\u0327a\u0303o da relac\u0327a\u0303o gas\u00adto sobre PIB em va\u0301rios cena\u0301rios; v) mais do que antes, e\u0301 fun\u00adda\u00admen\u00adtal garan\u00adtir aumen\u00adtos na arrecadac\u0327a\u0303o para asse\u00adgu\u00adrar que resul\u00adta\u00addo prima\u0301rio fique aci\u00adma da ban\u00adda supe\u00adri\u00ador da meta e, com isso, seja possi\u0301vel efe\u00adti\u00advar o uso des\u00adse exces\u00adso (ain\u00adda que ape\u00adnas em par\u00adte) na for\u00adma de inves\u00adti\u00admen\u00adto pu\u0301blico.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A pre\u00adsen\u00adte nota pro\u00adcu\u00adra adi\u00adci\u00ado\u00adnar novas considerac\u0327o\u0303es ao deba\u00adte em tor\u00adno do regi\u00adme fis\u00adcal sustenta\u0301vel, apro\u00adva\u00addo pela Ca\u0302mara dos Depu\u00adta\u00addos em 24 de maio de 2023. Na\u0303o sa\u0303o ava\u00adli\u00ada\u00addas as mudanc\u0327as pro\u00adpos\u00adtas pelo Sena\u00addo Fede\u00adral, ain\u00adda que pou\u00adcas alterac\u0327o\u0303es sejam espe\u00adra\u00addas no que diz res\u00adpei\u00adto aos resul\u00adta\u00addos aqui obti\u00addos. Apre\u00ad\u00adsen\u00ad\u00adta-se uma revisa\u0303o de alguns dos&nbsp;[\u2026]<\/p>\n","protected":false},"template":"","tags":[],"made_publication_type":[175],"class_list":["post-2399","made_publication","type-made_publication","status-publish","hentry","made_publication_type-policy-notes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Considera\u00e7\u00f5es sobre o regime fiscal sustent\u00e1vel e a import\u00e2ncia do investimento p\u00fablico para seu funcionamento &#8212; Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madeusp.com.br\/en\/publications\/articles\/consideracoes-sobre-o-regime-fiscal-sustentavel-e-a-importancia-do-investimento-publico-para-seu-funcionamento\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publications\\\/articles\\\/consideracoes-sobre-o-regime-fiscal-sustentavel-e-a-importancia-do-investimento-publico-para-seu-funcionamento\\\/\",\"url\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publications\\\/articles\\\/consideracoes-sobre-o-regime-fiscal-sustentavel-e-a-importancia-do-investimento-publico-para-seu-funcionamento\\\/\",\"name\":\"Considera\u00e7\u00f5es sobre o regime fiscal sustent\u00e1vel e a import\u00e2ncia do investimento p\u00fablico para seu funcionamento &#8212; 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