Alongamento dos títulos de renda fixa no Brasil
Abstract
More than eleven years after the end of hyperinflation in Brazil, domestic bond markets have been unable to lengthen the average maturity of both public and private bonds. This paper shows that the lengthening is theoretically and practically (we analyzed the experiences of Israel, Mexico and Poland), a consequence of persistent stabilization programs that successfully reduced systemic risk. Therefore, it is pointless to try to achieve the lengthening as an objective in isolation. It is necessary to improve the economic fundamentals that maintain a high level of systemic risk. Only in this context, measures that aim at lengthening bonds’ maturity will indeed produce positive results.Download Info
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Paper provided by Department of Economics PUC-Rio (Brazil) in its series Textos para discussão with number 515.Length: 51 pages
Date of creation: Mar 2006
Date of revision:
Publication status: Published in "Edmar Lisboa Bacha; Luiz Chrysostomo de Oliveira Filho. Mercado de capitas e dívida pública: tributação, indexação, alongamento. Rio de Janeiro: Contra Capa, ANBID, IEPE/CDG, 2006"
Handle: RePEc:rio:texdis:515
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Keywords:Find related papers by JEL classification:
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-05-13 (All new papers)
- NEP-FIN-2006-05-13 (Finance)
- NEP-FMK-2006-05-13 (Financial Markets)
- NEP-MAC-2006-05-13 (Macroeconomics)
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