Contabilidade com juros reais, déficit público e imposto inflacionário

Abstract

This paper aims at providing theoretical bases for real interest accounting. Section 2 presents empirical evidence which corroborates the use of real interest in the evaluation of the budget deficit and other macroeconomic aggregates. Section 3 provides the methodology of accounting with real interest. Section 4, 5 and 6 are used to exemplify the use of this methodology, as well as to present a Brazilian historical series of inflationary tax and inflationary transfers to commercial banks. Section 7 extends the real interest accounting techniques to Social Accounts. An useful corolary of this section is that the usual identities derived from Social Accounts remain valid under the alternative methodology here derived. Finally, it is displayed in Section 8 that all this apparatus can be regarded as an extension of the mechanisms of corporate profits correction -which have been largely used in Brazil since 1464.