A gerência recente do endividamento público brasileiro
We use two frameworks to analyze the recent Brazilian public debt management. The first one encompasses the Brazilian optimal public debt management analysis through the examination of the correlations among the main variables to which the public debt is indexed. The second seeks to address the consequences of recent Brazilian economic policies, such as international reserves accumulation through sterilized interventions by the Central Bank and excessive capitalization of federal financial institutions. Those policies have important, albeit often ignored, fiscal impacts, which became important to determine the current size, maturity and composition of the public debt stock.
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"International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?,"
NBER Working Papers
12947, National Bureau of Economic Research, Inc.
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- Olivier Jeanne & Romain Rancière, 2011.
"The Optimal Level of International Reserves For Emerging Market Countries: A New Formula and Some Applications,"
Royal Economic Society, vol. 121(555), pages 905-930, 09.
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"On the Determination of the Public Debt,"
Journal of Political Economy,
University of Chicago Press, vol. 87(5), pages 940-71, October.
- Ilan Goldfajn & Áureo Nilo de Paula, 1999. "Uma nota sobre a composição ótima da dívida pública - reflexões para o caso brasileiro," Textos para discussão 411, Department of Economics PUC-Rio (Brazil).
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"Optimal fiscal and monetary policy in an economy without capital,"
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- Robert E. Lucas Jr. & Nancy L. Stokey, 1982. "Optimal Fiscal and Monetary Policy in an Economy Without Capital," Discussion Papers 532, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858, March.
- Bohn, Henning, 1991. "Time consistency of monetary policy in the open economy," Journal of International Economics, Elsevier, vol. 30(3-4), pages 249-266, May.
- Roberto Rigobon & Marcio Garcia, 2004. "A Risk Management Approach to Emerging Marketâ€™s Sovereign Debt Sustainability with an application to Brazilian data," Econometric Society 2004 Latin American Meetings 24, Econometric Society.
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