English, Article, Journal or magazine article edition: Os Impactos Econômicos da CPMF: Teoria e Evidência Pedro H. Albuquerque

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Bookmark: http://trove.nla.gov.au/version/169050
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Os Impactos Econômicos da CPMF: Teoria e Evidência
Author
  • Pedro H. Albuquerque
Physical Description
  • preprint
Notes
  • Este trabalho tem como objetivo estudar os impactos econômicos da CPMF na economia brasileira, e para isto está dividido em três blocos. No primeiro a CPMF é analisada sob a ótica da teoria econômica. No segundo é discutida a experiência internacional com impostos similares à CPMF. No terceiro a experiência brasileira é examinada com o auxílio dos dois blocos anteriores. Segundo a teoria econômica, a CPMF causaria a elevação dos juros reais de modo desproporcional a outros impostos, o que seria o resultado da inclusão da rotatividade de ativos em sua base de incidência. Esta deficiência em sua concepção afetaria negativamente, e de forma desproporcional à sua arrecadação, os níveis de capital, produção e salários. Ela também causaria o aumento das despesas do governo com pagamento de juros, o que levaria parte de sua receita a ser fictícia. A CPMF causaria desintermediação e iliquidez nos mercados financeiros, desincentivando o ressurgimento do crédito. A arrecadação comportar-se-ia de acordo com uma curva de Laffer, com elevadas perdas de peso morto, particularmente quando comparadas à pequena receita resultante. Resultados empíricos confirmam que tais conclusões seriam aplicáveis ao caso brasileiro. A teoria econômica, a experiência internacional e a evidência brasileira revelam, portanto, que a CPMF apresenta significativas deficiências como instrumento de arrecadação.
  • CPMF, ITF, IDB, desintermediação, iliquidez, curva de Laffer
  • RePEc:wpa:wuwppe:0511020
  • This paper aims to study the economic impacts of the CPMF in the Brazilian economy and was divided in three parts. In the first part, the CPMF is analyzed under the scope of the economic theory. In the second part, the international experience with taxes similar to the CPMF is discussed. At the end, the Brazilian experience is analyzed, considering the contributions of the two previous parts. According to the economic theory, the CPMF should increase real interest rates unproportionally to other taxes, as a result of the inclusion of asset turnover in its incidence base. This conceptual deficiency would negatively affect, unproportionally to its tax collection, the level of capital, production and wages. It would also cause the increase of government expenditures through interest payments, implying a fictious amount of revenues. The CPMF would cause disintermediation and illiquidity in the financial markets, hindering the resurgence of credit in Brazil. The tax collection would follow a Laffer curve, with high deadweight losses, particularly when compared to its small revenue. Empirical results confirm that those conclusions would be valid in the Brazilian case. The economic theory, the international experience and the Brazilian evidence reveal, therefore, that the CPMF presents significant inefficiencies as a tax collection instrument.
  • RePEc:bcb:wpaper:21
  • RePEc:anp:en2001:029
Language
  • English
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