dos Santos, Cláudio Hamilton Matos Orair, Rodrigo Octávio Gobetti, Sergio Wulff Ferreira, Alessandra dos Santos Rocha, Wanderson Silva da Silva, Hilton Leal Brito, José Maurício de Mello
Year of Publication:
Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 1660
This article presents new monthly estimates of the gross fixed capital formation of the Brazilian general government for the 2002-2010 years. A significant research effort was made to carry out the estimations. First, the many differences between the concepts of public investment (as used in the Brazilian public accounting manuals) and gross fixed capital formation of the general government (as used in the United Nations' System of National Accounts) were carefully identified - and so were the peculiarities of the Brazilian budget process which distort official estimates of the annual gross fixed capital formation of the Brazilian general government and affect the precision of naïve estimates of the same variable in higher frequencies. Second, several procedures were developed to correct or mitigate these problems. Finally, additional information was obtained from 20 out of 26 Brazilian states, the federal district, and tens of (large) municipalities in order to allow us to circumvent the relative scarcity of information on the finances of Brazilian state and local governments.