quinta-feira, 9 de novembro de 2017

Os (enormes) subsídios para crédito direcionado

Publicado originalmente no Acredito, em 23 de maio.

Em meio à polêmica da JBS, empresa que se beneficiou da ajuda do BNDES, vale aprofundarmos o debate sobre a alocação de crédito subsidiado no país.

Um recente trabalho para discussão do Banco Mundial estimou que, em 2015, o Brasil gastou 1,5% do PIB (R$ 86,5 bilhões) em subsídios para crédito direcionado. Isso corresponde a mais de 80% de todo o resultado (déficit) fiscal primário naquele ano, ou a três anos de Bolsa Família.
Além do valor em si, chama a atenção a potencial mal alocação dos recursos: os autores avaliam que empresas que tipicamente se beneficiam de juros subsidiados são grandes, antigas, não usam o crédito barato para investir mais e podem se beneficiar de “arbitragem financeira” -- simplesmente aplicando os recursos recebidos a taxas maiores no mercado financeiro, sem risco.

Como tem sido usado no Brasil, o crédito subsidiado é uma barreira à igualdade de oportunidades e ao crescimento econômico. O alto volume de recursos direcionados aumenta as taxas de juros de mercado, inibindo empreendedorismo, e pode contribuir para o aumento da desigualdade de renda. A solução, na nossa visão, não passa necessariamente pela eliminação imediata de todos os subsídios, mas começa por uma prestação de contas mais clara de custos e benefícios. A Instituição Fiscal Independente, criada no final de 2016, pode ter um papel importante na padronização e disseminação desse tipo de informações.

Clique para aumentar o gráfico.


15 comentários:

Michel disse...

Isso vai na linha da tese do Sérgio Lazzarini em Capitalismo de Laços: empresas fazem doações eleitorais para obter um bem escasso chamado "crédito". Se o crédito for aquele subsidiado do BNDES, então, melhor ainda.

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