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Authors
Abstract(s)
Utilizando uma base de dados de painel, constituída por uma amostra1 de 278 municípios para
um período compreendido entre 1997 e 2007, o presente estudo tem como principal objectivo
analisar quais os principais determinantes do endividamento municipal. Como variáveis
explicativas do endividamento municipal foram utilizadas algumas despesas e receitas
municipais, nomeadamente: despesas com pessoal, Investimentos, transferências correntes e
de capital para as freguesias, impostos directos e indirectos e Fundo de Equilíbrio financeiro
corrente e de capital.
No que diz respeito às relações entre os determinantes analisados e o endividamento
autárquico, as evidências empíricas permitem-nos concluir que os municípios com maiores
valores de despesas municipais recorrem com mais frequência ao endividamento. Por outro
lado e contrariamente ao que seria de esperar, os municípios com maiores receitas recorrem
igualmente ao crédito e endividam-se. Esta situação pode ser explicada pelo facto das
receitas municipais serem insuficientes para fazer face a todas as despesas orçamentadas
pelo município. De um modo geral, quanto maiores forem as receitas do município, menor
será o recurso ao endividamento para fazer face às despesas municipais.
Using a database of a panel, made by a sample2 of 278 city councils to a period combined between 1997 and 2007, this study has as a main goal analysing the main principals of the municipal indebtedness. As a variable explanatory of the municipal indebtedness it has been used some expenses and municipal incomes, such as: expenses with workers, investments, current transferences and also transfer of credit to the parishes, direct or indirect taxes and a financial balance found and of capital. In what concerns to the relations between the determinative analysed and the indebtedness autarchical, the empiric evidence allow us to conclude that the municipality with higher values of municipal expenses recurre more often to the indebtedness. On another hand and adversely of it was supposed to expect, the city council with higher incomes recurre as well to credits and they contract debts. This situation can be explained by the fact that the municipal incomes might be insufficient to solve all the expenses estimated by the city council. Generally, as bigger there are the expenses of the city councils, smaller it will be the resource to the indebtedness to support the city council expenses.
Using a database of a panel, made by a sample2 of 278 city councils to a period combined between 1997 and 2007, this study has as a main goal analysing the main principals of the municipal indebtedness. As a variable explanatory of the municipal indebtedness it has been used some expenses and municipal incomes, such as: expenses with workers, investments, current transferences and also transfer of credit to the parishes, direct or indirect taxes and a financial balance found and of capital. In what concerns to the relations between the determinative analysed and the indebtedness autarchical, the empiric evidence allow us to conclude that the municipality with higher values of municipal expenses recurre more often to the indebtedness. On another hand and adversely of it was supposed to expect, the city council with higher incomes recurre as well to credits and they contract debts. This situation can be explained by the fact that the municipal incomes might be insufficient to solve all the expenses estimated by the city council. Generally, as bigger there are the expenses of the city councils, smaller it will be the resource to the indebtedness to support the city council expenses.
Description
Keywords
Autarquias locais - Sistema de financiamento Endividamento autárquico - Estáticos de painel