Evolução e custo da dívida líquida do setor público: 1981/94

Abstract

This article highlights the evolution of the Brazilian net public debt, which surprisingly hasn't received enough relevance in the recent economic debate in Brazil. The paper presents the course of this variable along the last 15 years. It is shown that, contrary to the general assumptions related to the situation of the public accounts, the public debt/GDP ratio, after more than doubling in the first half of the eighties, when the public debt reached more than 50% of the GDP, decreased to less than 25% of the GDP during the last 10 years. This level is similar to the one of the beginning of the eighties. It is concluded that the abatement of the public debt/GDP ratio and the chances of the continuation of its fall in the next years could reduce the weight of interests in the budget.