Program

Thursday, April 28, 2016


09:00 - 09:15 | Panel 1 - Opening remarks

  • Carlos Ivan Simonsen Leal (President of FGV)

09:15 - 10:30 | Panel 2 - International Economic Outlook

This presentation will focus on global fiscal policy challenges. The external environment has become more difficult, led by the sharp decline in commodity prices, China´s growth slowdown and economic rebalancing, and a tightening of global financial conditions. In many cases, these adverse external conditions are compounded by domestic impediments, such as high private sector leverage and structural rigidities. The session will discuss the role that fiscal policy can play in this uncertain and rapidly evolving environment.

Chair:
  • Marcílio Marques Moreira (Counselor of FGV)
Speaker:
  • Carlos Mulas Granados (Economist of Fiscal Affairs Department/IMF)

10:30 - 10:45 | Coffee break

10:45 - 12:30 | Panel 3 - Quasi-fiscal operations and contingent liabilities

This session will present the recent international experience particularly in Europe of support to the financial sector, subnational governments, state owned enterprises, and other contingent liabilities in the wake of the financial crisis. It will recognize that most of these contingent liabilities were outside of the supervision of the central government finances. It will highlight the need for a comprehensive balance sheet approach, given that for good fiscal policy it is important to have reliable and timely financial information covering the entire public sector.

Chair:
  • Vagner Ardeo (FGV IBRE)
Speaker:
  • Gilbert Terrier (Deputy Director/IMF)
Discussants:
  • Jorge Arbache (Chief Economist/Ministry of Planning)
  • Mansueto Almeida (Economic Consultant)
  • Ricardo Martner (Fiscal Area Coordinator/CEPAL)

14:00 - 15:30 | Panel 4 - Public Spending: Level and Efficiency Issues

This session will first discuss how to assess the level of public spending in a comparative perspective. It will highlight the importance of appropriate fiscal projections with a view to address long-term fiscal challenges. It will discuss the available tools to enhance spending flexibility, in the context of aging populations and growing pension. Then this session will also focus on spending efficiency, drawing on the experience of OECD countries in the areas of education, health and infrastructure investment.

Chair:
  • Afonso Arinos de Melo Franco (FGV EPGE)
Speakers:
  • Antonio Nucifora (Lead Country Economist for Brazil/ World Bank)
  • Luiz de Mello (Deputy Director/OECD)
Discussants:
  • Fabiana Rodopoulos (General-Coordinator for Economic and Fiscal Studies/STN)
  • Renato Villela (Finance Secretary of State of São Paulo)

15:30 - 16:00 | Coffee break

16:00 - 17:30 | Panel 5 - Subnational Governments

This session will present the international evidence on subnational fiscal crises of the last decades. It will focus on the causes and costs of sub-national fiscal crises; on ways to prevent them, including fiscal rules and other borrowing constraints; and on ex-ante and ex-post resolution systems.

Chair:
  • Fernando Rezende (FGV EBAPE)
Speakers:
  • Teresa Ter-Minassian (FMI Consultant)
Discussants:
  • Ana Carla Abrão (Finance Secretary of State of Goiás)
  • Luiz Villela (Principal Fiscal Economist of the Inter American Development Bank)
  • Marcos Mendes (Legislative Consultant)

Friday, April 29, 2016


09:00 - 10:00 | Panel 6 - Fiscal Transparency

This session will present the new IMF code of fiscal transparency and the need to expand the quality and reliability of fiscal information. It will present a new generation of fiscal rules and institutional reforms, including with the creation of independent fiscal councils. It will emphasize the need to align fiscal policy implementation and medium-term fiscal frameworks. It will also highlight the importance of a more transparent relationship between treasuries and central bank.

Chair:
  • José Roberto Afonso (FGV IBRE)
Speaker:
  • Mário Falcão Pessoa (Deputy Division Chief/IMF)
Discussant:
  • Otávio Ladeira (National Treasure Secretary)
  • Weder de Oliveira (Substitute Minister/TCU)

10:00 - 10:15 | Coffee break

10:15 - 11:30 | Panel 7 - Key takeouts

Synthesis of the discussions held during the seminar, with an emphasis on their implications to macroeconomic policy.

Chair:
  • Rubens Penha Cysne (Director of FGV EPGE)
Speaker:
  • Teresa Ter-Minassian (FMI Consultant)
Discussant:
  • Manoel Pires (Economic Policy Secretary/Ministry of Finance)

11:30 - 12:30 | Panel 8 - Closing remarks