Poupança estatal, dívida externa e crise financeira do setor público

Abstract

The initial purpose of the article is to demonstrate that it was upon the public sector that fell the burden of the domestic adjustment the Brazilian economy was forced to make, as a consequence of the recent balance of payments crisis. It is shown that the financial difficulties, that have appeared within the public sector, stem from the fact that costs related to this socialization of the domestic adjustment burden had to he precariously accomodated, at the expense of leaving behind traditional roles that the state has historically played in the Brazilian economy. Particularly relevant was the fact that the state stop playing its role as an important saver which was able to generate more than one third of total domestic savings during the mid-seventies.