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Public Debt Indexation and Denomination: The Case of Brazil

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  • Goldfajn, Ilan

Abstract

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 by John Wiley & Sons, Ltd. All rights reserved.

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Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.

Volume (Year): 5 (2000)
Issue (Month): 1 (February)
Pages: 43-56

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Handle: RePEc:ijf:ijfiec:v:5:y:2000:i:1:p:43-56

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Cited by:
  1. Rubens Penha Cysne, 2007. "Public debt indexation and denomination, the case of Brazil: a comment," International Journal of Finance & Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 12(4), pages 417-425.
  2. Goldfajn, Ilan & Silveira, Marcos Antonio, 2002. "Should government smooth exchange rate risk?," Journal of Development Economics, Elsevier, vol. 69(2), pages 393-421, December.
  3. Anastasia Guscina, 2008. "Impact of Macroeconomic, Political, and Institutional Factorson the Structure of Government Debt in Emerging Market Countries," IMF Working Papers 08/205, International Monetary Fund.

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