Fatores determinantes no endividamento dos Estados Brasileiros: uma análise do período 2013 – 2024

Abstract

Public debt is a valuable tool for state financing, in the context of post pandemic crisis recovery and public debt growth, particularly the Federal Government debt, good debt management is increasingly necessary, in this sense, the objective of this study is to identify which factors influence the indebtedness of the Brazilian states. In the literature review, 24 explanatory variables were identified, and data from 26 states were then collected for the period from 2013 to 2024. The data analysis method used was panel data regression. The results show that the variables personnel expenditure, election, capital structure and health expenditure have a positive relationship with debt, while investment expenditure, life expectancy and reelection have a negative relationship. The variables with most influence on indebtedness were investment expenditure, personnel expenditure and health expenditure.