The impact of Petrobras spending on economic cycles
Public spending influences a country’s economic activities due to its effect on aggregate demand. Although existing research has focused on government expenditures to understand the multiplier impacts of public spending, there is scant literature focusing on the spending of state-owned enterprises (...
Gespeichert in:
| Veröffentlicht in: | Portuguese economic journal 2024-09, Vol.23 (3), p.459-485 |
|---|---|
| Hauptverfasser: | , , , , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 485 |
|---|---|
| container_issue | 3 |
| container_start_page | 459 |
| container_title | Portuguese economic journal |
| container_volume | 23 |
| creator | Inacio, Edmundo Ribeiro, Cassio Garcia Baltar, Carolina Troncoso Ballini, Rosangela Li, Yanchao |
| description | Public spending influences a country’s economic activities due to its effect on aggregate demand. Although existing research has focused on government expenditures to understand the multiplier impacts of public spending, there is scant literature focusing on the spending of state-owned enterprises (SOEs), especially in strategic sectors such as the oil sector. This study analyzes the spending behaviour of an important Brazilian SOE, Petrobras, to understand its consequences to the Brazilian economic activity. The results suggest that multiplier impacts during recessions are bigger than those during economic expansions. The accumulated multiplier of Petrobras’s investment expenditures is higher compared to current spending, especially in periods of recession. Moreover, the forecast error variance decomposition showed the impact that changes in government spending in Petrobras had on the Brazilian GDP growth in periods of expansion and contraction. |
| doi_str_mv | 10.1007/s10258-023-00241-6 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_journals_3093153237</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>3093153237</sourcerecordid><originalsourceid>FETCH-LOGICAL-c1486-e8e1ef097606dcf8e76526088ad6a56d79dc155037b0cec1ab6b98c6726c18b83</originalsourceid><addsrcrecordid>eNp9kD1PwzAURS0EElXpH2CyxGx4z05sZ0QVXxISDEVisxznpQS1cbDbof-eQBBsTO8O99wnHcbOES4RwFxlBFlaAVIJAFmg0EdshhqNqKyyx79Zvp6yRc5dDVDYQtkCZ0yt3oh328GHHY8tf6ZdinXymeeB-qbr1zz2nELs47YLPBzChvIZO2n9JtPi587Zy-3NankvHp_uHpbXjyJgYbUgS0gtVEaDbkJryehSarDWN9qXujFVE7AsQZkaAgX0ta4rG7SROqCtrZqzi2l3SPFjT3nn3uM-9eNLp6BSWCqpzNiSUyukmHOi1g2p2_p0cAjuy4-b_LjRj_v24_QIqQnKY7lfU_qb_of6BD4iZpc</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>3093153237</pqid></control><display><type>article</type><title>The impact of Petrobras spending on economic cycles</title><source>SpringerLink Journals - AutoHoldings</source><creator>Inacio, Edmundo ; Ribeiro, Cassio Garcia ; Baltar, Carolina Troncoso ; Ballini, Rosangela ; Li, Yanchao</creator><creatorcontrib>Inacio, Edmundo ; Ribeiro, Cassio Garcia ; Baltar, Carolina Troncoso ; Ballini, Rosangela ; Li, Yanchao</creatorcontrib><description>Public spending influences a country’s economic activities due to its effect on aggregate demand. Although existing research has focused on government expenditures to understand the multiplier impacts of public spending, there is scant literature focusing on the spending of state-owned enterprises (SOEs), especially in strategic sectors such as the oil sector. This study analyzes the spending behaviour of an important Brazilian SOE, Petrobras, to understand its consequences to the Brazilian economic activity. The results suggest that multiplier impacts during recessions are bigger than those during economic expansions. The accumulated multiplier of Petrobras’s investment expenditures is higher compared to current spending, especially in periods of recession. Moreover, the forecast error variance decomposition showed the impact that changes in government spending in Petrobras had on the Brazilian GDP growth in periods of expansion and contraction.</description><identifier>ISSN: 1617-982X</identifier><identifier>EISSN: 1617-9838</identifier><identifier>DOI: 10.1007/s10258-023-00241-6</identifier><language>eng</language><publisher>Berlin/Heidelberg: Springer Berlin Heidelberg</publisher><subject>Aggregate demand ; Business cycles ; Econometrics ; Economic activity ; Economic expansion ; Economic Policy ; Economic Theory/Quantitative Economics/Mathematical Methods ; Economics ; Economics and Finance ; Government spending ; Microeconomics ; Multiplier ; Original Article ; Petroleum industry ; Public enterprise ; Recessions</subject><ispartof>Portuguese economic journal, 2024-09, Vol.23 (3), p.459-485</ispartof><rights>The Author(s) under exclusive licence to ISEG – Instituto Superior de Economia e Gestão 2023. corrected publication 2023. Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><cites>FETCH-LOGICAL-c1486-e8e1ef097606dcf8e76526088ad6a56d79dc155037b0cec1ab6b98c6726c18b83</cites><orcidid>0000-0001-9290-0660 ; 0000-0002-3317-8169 ; 0000-0003-0137-0778 ; 0000-0002-0674-1534 ; 0000-0001-6683-4380</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://link.springer.com/content/pdf/10.1007/s10258-023-00241-6$$EPDF$$P50$$Gspringer$$H</linktopdf><linktohtml>$$Uhttps://link.springer.com/10.1007/s10258-023-00241-6$$EHTML$$P50$$Gspringer$$H</linktohtml><link.rule.ids>314,780,784,27924,27925,41488,42557,51319</link.rule.ids></links><search><creatorcontrib>Inacio, Edmundo</creatorcontrib><creatorcontrib>Ribeiro, Cassio Garcia</creatorcontrib><creatorcontrib>Baltar, Carolina Troncoso</creatorcontrib><creatorcontrib>Ballini, Rosangela</creatorcontrib><creatorcontrib>Li, Yanchao</creatorcontrib><title>The impact of Petrobras spending on economic cycles</title><title>Portuguese economic journal</title><addtitle>Port Econ J</addtitle><description>Public spending influences a country’s economic activities due to its effect on aggregate demand. Although existing research has focused on government expenditures to understand the multiplier impacts of public spending, there is scant literature focusing on the spending of state-owned enterprises (SOEs), especially in strategic sectors such as the oil sector. This study analyzes the spending behaviour of an important Brazilian SOE, Petrobras, to understand its consequences to the Brazilian economic activity. The results suggest that multiplier impacts during recessions are bigger than those during economic expansions. The accumulated multiplier of Petrobras’s investment expenditures is higher compared to current spending, especially in periods of recession. Moreover, the forecast error variance decomposition showed the impact that changes in government spending in Petrobras had on the Brazilian GDP growth in periods of expansion and contraction.</description><subject>Aggregate demand</subject><subject>Business cycles</subject><subject>Econometrics</subject><subject>Economic activity</subject><subject>Economic expansion</subject><subject>Economic Policy</subject><subject>Economic Theory/Quantitative Economics/Mathematical Methods</subject><subject>Economics</subject><subject>Economics and Finance</subject><subject>Government spending</subject><subject>Microeconomics</subject><subject>Multiplier</subject><subject>Original Article</subject><subject>Petroleum industry</subject><subject>Public enterprise</subject><subject>Recessions</subject><issn>1617-982X</issn><issn>1617-9838</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2024</creationdate><recordtype>article</recordtype><recordid>eNp9kD1PwzAURS0EElXpH2CyxGx4z05sZ0QVXxISDEVisxznpQS1cbDbof-eQBBsTO8O99wnHcbOES4RwFxlBFlaAVIJAFmg0EdshhqNqKyyx79Zvp6yRc5dDVDYQtkCZ0yt3oh328GHHY8tf6ZdinXymeeB-qbr1zz2nELs47YLPBzChvIZO2n9JtPi587Zy-3NankvHp_uHpbXjyJgYbUgS0gtVEaDbkJryehSarDWN9qXujFVE7AsQZkaAgX0ta4rG7SROqCtrZqzi2l3SPFjT3nn3uM-9eNLp6BSWCqpzNiSUyukmHOi1g2p2_p0cAjuy4-b_LjRj_v24_QIqQnKY7lfU_qb_of6BD4iZpc</recordid><startdate>20240901</startdate><enddate>20240901</enddate><creator>Inacio, Edmundo</creator><creator>Ribeiro, Cassio Garcia</creator><creator>Baltar, Carolina Troncoso</creator><creator>Ballini, Rosangela</creator><creator>Li, Yanchao</creator><general>Springer Berlin Heidelberg</general><general>Springer Nature B.V</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope><orcidid>https://orcid.org/0000-0001-9290-0660</orcidid><orcidid>https://orcid.org/0000-0002-3317-8169</orcidid><orcidid>https://orcid.org/0000-0003-0137-0778</orcidid><orcidid>https://orcid.org/0000-0002-0674-1534</orcidid><orcidid>https://orcid.org/0000-0001-6683-4380</orcidid></search><sort><creationdate>20240901</creationdate><title>The impact of Petrobras spending on economic cycles</title><author>Inacio, Edmundo ; Ribeiro, Cassio Garcia ; Baltar, Carolina Troncoso ; Ballini, Rosangela ; Li, Yanchao</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c1486-e8e1ef097606dcf8e76526088ad6a56d79dc155037b0cec1ab6b98c6726c18b83</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2024</creationdate><topic>Aggregate demand</topic><topic>Business cycles</topic><topic>Econometrics</topic><topic>Economic activity</topic><topic>Economic expansion</topic><topic>Economic Policy</topic><topic>Economic Theory/Quantitative Economics/Mathematical Methods</topic><topic>Economics</topic><topic>Economics and Finance</topic><topic>Government spending</topic><topic>Microeconomics</topic><topic>Multiplier</topic><topic>Original Article</topic><topic>Petroleum industry</topic><topic>Public enterprise</topic><topic>Recessions</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Inacio, Edmundo</creatorcontrib><creatorcontrib>Ribeiro, Cassio Garcia</creatorcontrib><creatorcontrib>Baltar, Carolina Troncoso</creatorcontrib><creatorcontrib>Ballini, Rosangela</creatorcontrib><creatorcontrib>Li, Yanchao</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Portuguese economic journal</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Inacio, Edmundo</au><au>Ribeiro, Cassio Garcia</au><au>Baltar, Carolina Troncoso</au><au>Ballini, Rosangela</au><au>Li, Yanchao</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The impact of Petrobras spending on economic cycles</atitle><jtitle>Portuguese economic journal</jtitle><stitle>Port Econ J</stitle><date>2024-09-01</date><risdate>2024</risdate><volume>23</volume><issue>3</issue><spage>459</spage><epage>485</epage><pages>459-485</pages><issn>1617-982X</issn><eissn>1617-9838</eissn><abstract>Public spending influences a country’s economic activities due to its effect on aggregate demand. Although existing research has focused on government expenditures to understand the multiplier impacts of public spending, there is scant literature focusing on the spending of state-owned enterprises (SOEs), especially in strategic sectors such as the oil sector. This study analyzes the spending behaviour of an important Brazilian SOE, Petrobras, to understand its consequences to the Brazilian economic activity. The results suggest that multiplier impacts during recessions are bigger than those during economic expansions. The accumulated multiplier of Petrobras’s investment expenditures is higher compared to current spending, especially in periods of recession. Moreover, the forecast error variance decomposition showed the impact that changes in government spending in Petrobras had on the Brazilian GDP growth in periods of expansion and contraction.</abstract><cop>Berlin/Heidelberg</cop><pub>Springer Berlin Heidelberg</pub><doi>10.1007/s10258-023-00241-6</doi><tpages>27</tpages><orcidid>https://orcid.org/0000-0001-9290-0660</orcidid><orcidid>https://orcid.org/0000-0002-3317-8169</orcidid><orcidid>https://orcid.org/0000-0003-0137-0778</orcidid><orcidid>https://orcid.org/0000-0002-0674-1534</orcidid><orcidid>https://orcid.org/0000-0001-6683-4380</orcidid></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 1617-982X |
| ispartof | Portuguese economic journal, 2024-09, Vol.23 (3), p.459-485 |
| issn | 1617-982X 1617-9838 |
| language | eng |
| recordid | cdi_proquest_journals_3093153237 |
| source | SpringerLink Journals - AutoHoldings |
| subjects | Aggregate demand Business cycles Econometrics Economic activity Economic expansion Economic Policy Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Government spending Microeconomics Multiplier Original Article Petroleum industry Public enterprise Recessions |
| title | The impact of Petrobras spending on economic cycles |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-05T20%3A09%3A12IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=The%20impact%20of%20Petrobras%20spending%20on%20economic%20cycles&rft.jtitle=Portuguese%20economic%20journal&rft.au=Inacio,%20Edmundo&rft.date=2024-09-01&rft.volume=23&rft.issue=3&rft.spage=459&rft.epage=485&rft.pages=459-485&rft.issn=1617-982X&rft.eissn=1617-9838&rft_id=info:doi/10.1007/s10258-023-00241-6&rft_dat=%3Cproquest_cross%3E3093153237%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=3093153237&rft_id=info:pmid/&rfr_iscdi=true |