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Managing Brazil’s Public Debt under the Original-Sin Hypothesis

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  • Orlando Assunção Fernandes

    (FAAP)

  • Frederico Araújo Turolla

    (ESPM-SP / FGV-EDESP)

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    Abstract

    Since public bond debt became a central element in the dynamic of public sector indebtedness in Brazil, its composition has played an important role in the conduction of macroeconomic policy. This article discusses the original-sinhypothesis formulated by Eichengreen and Hausman (1999) to evaluate the composition of Brazilian federal public debt. According to this hypothesis, the choice between indexation and duration takes the form of a trade-off, since the long-term, fixed-rate debt alternative that characterizes developed countries is not available to emerging countries. We present empirical evidence for Brazil, observing the 40-year evolution of federal bond debt since the creation of that market, which took place through the introduction of the instrument known as the ORTN in 1964.

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    Bibliographic Info

    Article provided by Fucape Business School in its journal Brazilian Business Review.

    Volume (Year): 2 (2005)
    Issue (Month): 2 (July)
    Pages: 155-171

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    Handle: RePEc:bbz:fcpbbr:v:2:y:2005:i:2:p:155-171

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    Keywords: managing; public bond debt;

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