Intervencionismo em contexto de crise e a informação dos sistemas internacionais de contabilidade nacional

Abstract

After the market domination are we facing a new era of State intervention? The crisis context clarifies the danger of globalization, the strength of the interactions between countries and institutions, fuels the discussion about the shapes and functions of the new Welfare Mix and demands the creation of new international systems of information: the System of National Accounts (SNA 2008), born in crisis, is the suitable model for analyzing and evaluating the performance of an economy. The European Union faces the appearance of hybrid modes of governance and opens the door of bailouts from the public sector to the financial system as a way of protecting - against the danger of the systemic crisis - the economic growth, the employment and the European Social Model. In fact, especially since 2007, the world is in face of strategies of financial sustainability and interventions in the “financial market failures”; it is the case of recapitalizations, loans, grants, acquisition of Assets, several actions conducted by special purpose entities (SPE) and both the command and supervision performed by public corporations and the general government over the financial system. All of these operations, affecting the public deficit, the public debt, the stock flow adjustment and the public finances, call the supra regulation of international bodies conducted by the follow up of several principles in the context of the systems of national accounts. Case studies of Belgium, Netherlands and Portugal were performed based on the information of the European System of Accounts (ESA95) and further analysis confirmed the new State functions, in a crisis context, and showed the repercussions of the interventionism on the public deficit and debt. This study supports the prediction of the danger of lack of sustainability of the public finances, in those countries and the EU, specially if the guarantees are requested, the loans not solved and the Assets bought by the government lost its value. In conclusion, we can say that all the countries need a strategic management of their Assets and Liabilities, mainly the financial ones, both in the public and in the financial sectors, using the state interventions in order to create value; in fact, the General Government acting as a share holder or as a creditor of the financial system, must always avoid the danger of an unsustainable public debt, the lost of wealth, the systemic risk and, above all, the unreliability of the State as the guarantor of the economic and financial system.