Public Debt Indexation and Denomination: The Case of Brazil
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...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1998
|
Schriftenreihe: | IMF Working Papers
Working Paper No. 98/18 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | 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 analyzes 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 |
Beschreibung: | 1 Online-Ressource (28 p) |
ISBN: | 1451922809 9781451922806 |
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index_date | 2024-07-03T20:13:26Z |
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spelling | Goldfajn, Ilan Verfasser aut Public Debt Indexation and Denomination The Case of Brazil Goldfajn, Ilan Washington, D.C International Monetary Fund 1998 1 Online-Ressource (28 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 98/18 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 analyzes 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 Online-Ausg http://elibrary.imf.org/view/IMF001/05479-9781451922806/05479-9781451922806/05479-9781451922806.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Goldfajn, Ilan Public Debt Indexation and Denomination The Case of Brazil |
title | Public Debt Indexation and Denomination The Case of Brazil |
title_auth | Public Debt Indexation and Denomination The Case of Brazil |
title_exact_search | Public Debt Indexation and Denomination The Case of Brazil |
title_exact_search_txtP | Public Debt Indexation and Denomination The Case of Brazil |
title_full | Public Debt Indexation and Denomination The Case of Brazil Goldfajn, Ilan |
title_fullStr | Public Debt Indexation and Denomination The Case of Brazil Goldfajn, Ilan |
title_full_unstemmed | Public Debt Indexation and Denomination The Case of Brazil Goldfajn, Ilan |
title_short | Public Debt Indexation and Denomination |
title_sort | public debt indexation and denomination the case of brazil |
title_sub | The Case of Brazil |
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