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Public debtindexation anddenomination: thecase of Brazil Ilan Goldfajn2000 год

Public debt indexation and denomination: the case of Brazil
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Аннотация: The paper models the optimal debt management strategy of the public sector when issuing nominal, price-level-indexed and foreign denominated debt securities. The model predicts that the variance of inflation, the size of the public debt, the variance of the real exchange rate, and the correlation of inflation with public expenditures are the main determinants of public debt management. Using this framework the paper analyses the Brazilian experience with indexed debt in the last decade. In particular, it explains the large increase of indexed public debt in Brazil prior to the 1994 Real plan and, thereafter, the steady decline in its use. Copyright © 2000 John Wiley & Sons, Ltd.
Год издания: 2000
Авторы: Ilan Goldfajn
Издательство: Wiley
Источник: International Journal of Finance & Economics
Ключевые слова: Fiscal Policies and Political Economy, Fiscal Policy and Economic Growth, Monetary Policy and Economic Impact
Другие ссылки: International Journal of Finance & Economics (HTML)
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Library Union Catalog of Bavaria, Berlin and Brandenburg (B3Kat Repository) (HTML)
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RePEc: Research Papers in Economics (HTML)