This dissertation comprises two essays. The first essay explores how the size of government, as measured by the level of spending, affects growth. Theoretical models suggest a nonlinear relationship; however, testing this hypothesis empirically in cross-country studies is complicated by the endogeneity of government spending and the accurate identification of turning points. This paper examines the nonlinear hypothesis by incorporating threshold analysis in a cross-country growth regression. Using a broad panel of countries over the period 1971-2005, the results show evidence in favor of a nonlinear effect, but not of the form predicted by theory. When total government spending is low, there is no statistically significant effect on economic growth. However, after passing a certain threshold government spending exhibits a negative effect on growth. The second essay develops a dynamic macroeconomic model to explore how variations in the composition and financing of government expenditures affect economic growth in the long-run. The model is used to analyze how public investment spending funded by taxes or borrowing affects long-term output growth. The model is calibrated to reflect economic conditions in the seven largest Latin American economies during the period 1990 to 2008. We find that, where tax rates are not already high, funding public investment by raising taxes may increase long-run growth. If existing tax rates are high, then public investment is only growth-enhancing if funded by restructuring the composition of public spending. Interestingly, using debt to finance new public investment compromises growth, regardless of the initial fiscal condition.

O objetivo deste estudo é determinar a relação de causalidade entre investimento e crescimento econômico no Brasil no período 1947-2009. As evidências econométricas com uso de vetores autorregressivos (VAR) apontaram precedência do crescimento. Em todos os testes de impacto do investimento do período precedente no crescimento constatou-se correlação negativa entre as variáveis, corroborando outros estudos empíricos recentes na literatura econômica. / The aim of this study is to determine the causal relationship between investment and economic growth in Brazil for the period 1947-2009. The econometric evidence, using Vector Autoregression (VAR) methodology, pointed to the precedence of growth. In all empirical tests, a negative correlation between investment in the previous period and economic growth was found, corroborating other recent empirical studies in economic literature.

A une époque où il est de moins en moins évident pour l’État ou les collectivités territoriales de remplir leur mission d’intérêt général visant à assurer la fourniture ou le renouvellement des investissements publics, en raison de ressources budgétaires de plus en plus limitées, notre étude juridique consiste à proposer des alternatives à l’impôt en vue d’un financement privé des investissements publics. Et ce, dans le cadre d’une analyse précise de techniques contractuelles de financement privé des investissements publics issues du droit privé. Notre objectif étant que les décideurs publics puissent cerner au mieux pour l’ensemble de ces alternatives de droit privé à l’impôt, l’étendue de leur régime juridique au sens large. Mais encore, qu’ils puissent réellement apprécier les conséquences d’un tel mode de financement des investissements publics, y compris par le biais d’une analyse de leurs avantages et de leurs inconvénients notamment en comparaison avec l’impôt. / As it is becoming less and less easier for the Government or its regional authorities, due to more and more limited budgetary resources, to maintain their mission of general interest, that is to say providing and renewing public investments, our legal study proposes to provide alternatives to taxation so as to assure a private financing of public investments. In the context of an accurate analysis, taking its source from private Law, of contractual techniques of private financing of public investments. Helping public decision-makers to fully identify all the alternatives to taxation through private Law, extent of its legal regime in every sense, here is the purpose of our study. But also the possibility for them to fully understand consequences of this kind of financing of public investments, analyzing its advantages and disadvantages particularly in comparison to taxation.

O objetivo deste estudo é determinar a relação de causalidade entre investimento e crescimento econômico no Brasil no período 1947-2009. As evidências econométricas com uso de vetores autorregressivos (VAR) apontaram precedência do crescimento. Em todos os testes de impacto do investimento do período precedente no crescimento constatou-se correlação negativa entre as variáveis, corroborando outros estudos empíricos recentes na literatura econômica. / The aim of this study is to determine the causal relationship between investment and economic growth in Brazil for the period 1947-2009. The econometric evidence, using Vector Autoregression (VAR) methodology, pointed to the precedence of growth. In all empirical tests, a negative correlation between investment in the previous period and economic growth was found, corroborating other recent empirical studies in economic literature.

O objetivo deste estudo é determinar a relação de causalidade entre investimento e crescimento econômico no Brasil no período 1947-2009. As evidências econométricas com uso de vetores autorregressivos (VAR) apontaram precedência do crescimento. Em todos os testes de impacto do investimento do período precedente no crescimento constatou-se correlação negativa entre as variáveis, corroborando outros estudos empíricos recentes na literatura econômica. / The aim of this study is to determine the causal relationship between investment and economic growth in Brazil for the period 1947-2009. The econometric evidence, using Vector Autoregression (VAR) methodology, pointed to the precedence of growth. In all empirical tests, a negative correlation between investment in the previous period and economic growth was found, corroborating other recent empirical studies in economic literature.

Esta dissertação, que se baseia em um questionamento teórico, não se pauta na análise de dados numéricos e quantitativos, tão comuns na consideração do investimento público. A escolha vem a desafiar os padrões de análise atualmente adotados para avaliar o investimento público no Brasil. Nesse sentido, busca uma rediscussão da significação do investimento público na ordem social brasileira, a partir de uma análise da semântica do investimento e do público, para verificar sua natureza e seu regime no sistema jurídico brasileiro. A análise do significado leva a concluir que investimento é efeito do agir, mas também da renúncia de agir, renúncia fiscal para incentivar a ação de outro sujeito de direito. Sua natureza de efeito decorrente de um ato jurídico ou uma atividade faz com que seja avaliado em relação à legitimidade, ao objeto e ao próprio processo de tomada de decisão, assim como quanto aos princípios administrativos aplicáveis ao ato que o produz enquanto efeito. Sua natureza de efeito decorrente da renúncia fiscal faz com que seja enquadrado em uma análise de finança pública, de abdicação de receita tributária. A apreciação da função, enquanto exercício do poder a guardar o fim e o resultado, para produção do efeito investimento público, leva à verificação da causa e da sua compatibilidade no que concerne ao objetivo de desenvolvimento. Por fim, seu enquadramento no plano dos efeitos leva à análise final da significação do investimento público quanto à eficácia, efetividade e eficiência para se questionar se o investimento público, considerado segundo padrões econômico-quantitativos, é instrumento efetivo para observância dos preceitos constitucionais. / This dissertation, based on a theoretical enquiry, is not on a numerical data analysis or a quantitative analysis, commonly considered in relation to the public investment. The choice challenges the standards of analysis currently used to evaluate the public investment, in Brazil. It tries to discuss the meaning of the public investment in the Brazilian social order. It begins through the analysis of the meaning of the concept of investment and public in order to check their nature and their framework in the Brazilian legal system. The analysis of its meaning leads to the conclusion that investment is an effect of the action and an effect of the non action, the fiscal waiver to encourage another agents investment. The nature of the public investment as an effect produced by an act or an activity takes into account its legitimacy, its purpose and its decision making as well as the administrative principles applicable to the act that produces the effect. The nature of the public investment as an effect produced by a non action, a fiscal waiver, takes into account the investment in the public finance. The function of the public investment as the conduction of the power in consideration to the purposes and the results compels to the analysis of the cause and its adequacy to the development. At the end, as an effect the investment has to be verified as capability, effectiveness and efficiency to challenge if the investment, according to quantitative and economics criteria, is an effective instrument to accomplish the Brazilian constitutional provisions.

Made available in DSpace on 2016-04-26T20:48:41Z (GMT). No. of bitstreams: 1 Daniel Alves Hernandes.pdf: 1337208 bytes, checksum: 0a0dbe42d8949439ba3ce9356bf56c49 (MD5) Previous issue date: 2015-03-13 / Despite being considered as one of the main drivers for economic and social development, infrastructure services received low investments in the 1980s and 1990s in Brazil. As of 2002, with the introduction of government policies and direct governmental action in planning and funding, investments in key infrastructure sectors resumed. The Growth Acceleration Program (PAC) and investments in the transport sector where very important. The perspective created by public investment in infrastructure works as a trigger to attract private investment, in infrastructure itself, as in other economic sectors. Economic theory considers that the creation of such an environment is propitious for development / Apesar de ser apontado como um dos principais fatores propulsores do desenvolvimento econômico e social, os serviços de infraestrutura receberam pouco investimento nas décadas de 1980 e 1990 no Brasil. Foi a partir de 2002, com a introdução de políticas governamentais e ação direta do Estado no planejamento e financiamento, que os investimentos nos setores de infraestrutura foram retomados. Destaque para o Programa de Aceleração do Crescimento (PAC) e os investimentos realizados no setor de transportes. A perspectiva criada pelo investimento público em infraestrutura funcionou como um gatilho para atrair investimentos privados, tanto em infraestrutura, quanto em outros setores econômicos. Na teoria econômica, a criação de desse ambiente é propício para o desenvolvimento

Made available in DSpace on 2016-04-26T20:24:00Z (GMT). No. of bitstreams: 1 Daniel Gabrilli de Godoy.pdf: 1190229 bytes, checksum: dbead7a82bd3e9940ca7f9e4cd38f950 (MD5) Previous issue date: 2015-11-18 / The 1988 s Constitution reinvigorated the public services provision through private companies grants as a manner of improving the quality of service offered with no budget investment. As a consequence of this rising, Concession and Permission (law 8.987/95), the Public-Private Partnership (law 11.079/04) and the specific laws for certain areas, imposing relevant strategic points as conciliating the best service quality with the suitable tariff, assuring the proper profit to the concessionaire and public services contracts financial-economic protection. For all these important reasons, this study refers to the financial-economic equilibrium of concession contracts and its main factors like changes of public administrations services, economic and tributary alterations as well as the necessary evolution for long-term contractions and its non-balance compensation / A Constituição de 1988 revigorou o modelo de prestação de serviços públicos através de outorga às empresas privadas como forma de melhoria da qualidade em sua prestação sem a necessidade de investimentos orçamentários. Como resposta para a promoção destes serviços, a concessão e permissão (Lei nº8.987/95), a parceria público-privada (Lei nº11.079/04) e as leis específicas para determinados setores, impõem questões de importância estratégica, tais como, conciliar a melhor qualidade da prestação com a modicidade tarifária, garantir a remuneração adequada ao concessionário e a proteção da equação econômico-financeira dos contratos de serviço público. Diante desta importância, o presente estudo se dirige ao estudo do equilíbrio econômico-financeiro dos contratos de concessão comuns e seus principais elementos, entre elas, as mudanças na forma de prestação pela administração pública, as alterações no campo econômico e tributário, bem como a evolução necessária nas contratações de longo prazo e as formas pelas quais serão compensados os desequilíbrios decorrentes

公共投資是政府施政的表現，以提升國民生活品質；民主國家的政黨在選舉前多以公共投資作為政見訴求重點，而執政後的政黨，更是利用掌握國家資源分配權力之便，積極進行各項公共投資，以突顯政績。這是為何在過去四十年裡，自由世界許多國家藉凱因斯的「擴張總需求」主張，大肆以赤字支用方式擴大政府規模，恣意揮霍國家資源從事各項硬體軟體公共投資。但是造成的後果是國家財政赤字龐大，陷入以債養債的困境。近年來，時代潮流猛然反轉，多數國家都自「大政府」的迷夢中省悟，努力抑制財政赤字的進一步擴大，採取緊縮性政策逐步削減長年累積的龐大公共債務之際，我國恰好在此時放棄了保守穩健的作風，於民國七十九年推出涵蓋七七五項計畫項目，金額高達八．二兆元的六年國建計畫。計畫推出初期，引起了排山倒海的質疑，以如此龐大的公共支出驟然在短短六年期間投入，是否超出政府財政負擔能力範圍﹖對總體經濟以及產業､就業結構之衝擊是否太大﹖公共投資的財源問題，關係了計畫的成敗，行政官署在規劃公共投資計畫時，是否對「成本效益」作了澈底的考量，並且以其為計畫推動與否的評估指標﹖如果決定推動一項需要龐大資金的計畫時，財源在那裡﹖由現有稅收支應，或以「受益者付費」原則開闢新的財源，以免增加國庫負擔。如果公共投資計畫牽涉了不同的各級政府，經費要如何分擔﹖這些都是在計畫付諸執行前必須先予確定的。我國公共政策的規劃一向有不夠嚴謹的缺失，致使執行時遭致諸多障礙，是政府施政上的弱點。六年國建計畫在整體財源籌措方面，受到了最多議論。探討六年國建中個案計畫的財源籌措過程，可以提供政府未來在規劃公共投資計畫時 ，一個檢討的方向。

This Ph.D. thesis comprises of two parts. Part I develops a framework to provide insights into the understanding of several political macro-economy issues related to fiscal policy making. This framework links the overall macroeconomic performance to the public spending and borrowing decisions. The key feature of this framework is that it makes a distinction between productive (e.g. public investment) and non-productive public spending (e.g. popular spending). It is shown that a high level of political instability may lead to myopic and populist policies and may be associated with less favorable macroeconomic performance in terms of not only future output and inflation but also future popular spending. Part I also suggests an alternative channel for expansionary or Non-Keynesian fiscal contractions based on the productivity enhancing role of productive public spending. It is shown that if the incumbent government reduces popular (productive) spending rather than productive (popular) spending, then Non-Keynesian (Keynesian) effects are achieved. Furthermore, it is shown that the favorable effects of public investment depends positively on its quality in this framework. Moreover, the net effect of productive spending financed by borrowing on the next period&#039 / s macroeconomic performance depends on the benefits of productive spending relative to the costs of borrowing. Even under a capital borrowing rule higher public investment may yield unfavorable effects and also it may not necessarily prevent the strategic use of public investment, even though it prevents strategic debt accumulation. Part II investigates the effects of macroeconomic instability on capital accumulation and economic growth in the Turkish economy over the 1963-1999 period. Descriptive and econometric (time series) analyses suggest that macroeconomic instability not only deters capital accumulation and economic growth but it may also reverse the complementarity between public and private investment in the long-run.