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Debt Management In Brazil
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Book Synopsis Debt Management in Brazil by : Afonso S. Bevilaqua
Download or read book Debt Management in Brazil written by Afonso S. Bevilaqua and published by World Bank Publications. This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1994-98, Brazil's domestic debt grew very rapidly while remaining short in maturity. The main policy recommendations for managing this domestic debt situation: maintain a tighter fiscal stance and consider the use of inflation-linked bonds.
Book Synopsis Public Debt by : Otavio Ladeira de Medeiros
Download or read book Public Debt written by Otavio Ladeira de Medeiros and published by . This book was released on 2010 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Debt Indexation and Denomination by : Mr.Ilan Goldfajn
Download or read book Public Debt Indexation and Denomination written by Mr.Ilan Goldfajn and published by International Monetary Fund. This book was released on 1998-02-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Policy Mix, Public Debt Management, and Fiscal Rules by : Santiago Herrera
Download or read book Policy Mix, Public Debt Management, and Fiscal Rules written by Santiago Herrera and published by World Bank Publications. This book was released on 2005 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: "Despite significant progress in economic reform throughout the 1990s and an exemplary development of the policymaking framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the political origin of the uncertainty cannot be ignored, Herrera identifies other sources of uncertainty emanating from the policymaking framework: fiscal policy was not responsive to the shocks, public debt instruments were used with several objectives (to stabilize the currency and to lengthen maturity) and there was inadequate supervision of agents holding public debt. Most of the flaws have been fixed following the crisis: * The primary fiscal balance has been increased, sending the signal that it is a flexible instrument that will be used to ensure commitment of the sovereign to honor its obligations. * The central bank formally transferred to the Treasury the remaining debt-issuance functions, facilitating a more adequate balancing of different risks involved in debt management. * Mutual funds' public debt holdings are better regulated, ensuring that end-investors have the proper information to assess the risk of the institutions in which they invest. This paper--a product of the Economic Policy Division, Poverty Reduction and Economic Management Network--is part of a larger effort in the network to disseminate country experiences in the design of policymaking frameworks that facilitate adjustment of the economy to external shocks"--World Bank web site.
Book Synopsis Debt Management in Brazil by : Afonso S. Bevilaqua
Download or read book Debt Management in Brazil written by Afonso S. Bevilaqua and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1994-98, Brazil's domestic debt grew very rapidly while remaining short in maturity. The main policy recommendations for managing this domestic debt situation: maintain a tighter fiscal stance and consider the use of inflation-linked bonds. Brazil's domestic debt has posed two challenges to policymakers: it has grown very fast and, despite progress, remains extremely short in maturity. Bevilaqua and Garcia analyze Brazil's experience with domestic public debt management, searching for policy prescriptions for the next few years. After briefly reviewing the recent history of the country's domestic debt, they decompose the large rise in federal bonded debt in 1995-98, searching for its macroeconomic causes. The main explanations: extremely high interest payments (caused by Brazil's weak fiscal stance and quasi-fixed exchange rate regime) and the accumulation of assets (especially obligations of Brazil's states). Simulations of the net debt path for the near future underscore the importance of a tighter fiscal stance to prevent the debt-to-GDP ratio from growing further. The authors' main policy advice is to foster and rely more on inflation - linked bonds - the least harmful way to lengthen debt maturity. This paper - a product of the Brazil Country Office, Latin America and the Caribbean Region - is part of a larger effort in the region to assist in better management of Brazil's domestic debt.
Book Synopsis Public Debt Management and Monetary Policy in Brazil by : Edésio Fernandes Ferreira
Download or read book Public Debt Management and Monetary Policy in Brazil written by Edésio Fernandes Ferreira and published by . This book was released on 1974 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Policy Mix, Public Debt Management and Fiscal Rules by : Santiago Herrera
Download or read book Policy Mix, Public Debt Management and Fiscal Rules written by Santiago Herrera and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite significant progress in economic reform throughout the 1990s, and an exemplary development of the policymaking framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the political origin of the uncertainty cannot be ignored, the author identifies other sources of uncertainty emanating from the policymaking framework: fiscal policy was not responsive to the shocks, public debt instruments were used with several objectives (to stabilize the currency and to lengthen maturity) and there was inadequate supervision of agents holding public debt. Most of the flaws have been fixed following the crisis: a) The primary fiscal balance has been increased, sending the signal that it is a flexible instrument that will be used to ensure commitment of the sovereign to honor its obligations. b) The central bank formally transferred to the Treasury the remaining debt-issuance functions, facilitating a more adequate balancing of different risks involved in debt management. c) Mutual funds' public debt holdings are better regulated, ensuring that end-investors have the proper information to assess the risk of the institutions in which they invest.
Book Synopsis Public Debt Management and Monetary Policy in Brazil by : Instituto Brasileiro de Mercado de Capitais
Download or read book Public Debt Management and Monetary Policy in Brazil written by Instituto Brasileiro de Mercado de Capitais and published by . This book was released on 1974* with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Debt Management in Brazil by : Francesco Giavazzi
Download or read book Public Debt Management in Brazil written by Francesco Giavazzi and published by . This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper derives the optimal composition of the Brazilian public debt by looking at the relative impact of the risk and cost of alternative debt instruments on the probability of missing the stabilization target. This allows to price risk against the expected cost of debt service and thus to find the optimal combination along the trade off between cost and risk minimization. The optimal debt structure is a function of the expected return differentials between debt instruments, of the conditional variance of debt returns and of their covariances with output growth, inflation, exchange-rate depreciation and the Selic rate. We estimate the relevant covariances by: i) exploiting the daily survey of expectations; ii) simulating a small structural model of the Brazilian economy under different shocks; iii) estimating the unanticipated components of the relevant variables with forecasting regressions. The empirical evidence suggests that a large share of the Brazilian debt should be indexed to the price level. Fixed-rate bonds should be preferred to Selic indexed bonds, while the share of dollar denominated (and indexed) bonds should be further reduced from the current high level.his paper derives the optimal composition of the Brazilian public debt by looking at the relative impact of the risk and cost of alternative debt instruments on the probability of missing the stabilization target. This allows to price risk against the expected cost of debt service and thus to find the optimal combination along the trade off between cost and risk minimization. The optimal debt structure is a function of the expected return differentials between debt instruments, of the conditional variance of debt returns and of their covariances with output growth, inflation, exchange-rate depreciation and the Selic rate. We estimate the relevant covariances by: i) exploiting the daily survey of expectations; ii) simulating a small structural model of the Brazilian economy under different shocks; iii) estimating the unanticipated components of the relevant variables with forecasting regressions. The empirical evidence suggests that a large share of the Brazilian debt should be indexed to the price level. Fixed-rate bonds should be preferred to Selic indexed bonds, while the share of dollar denominated (and indexed) bonds should be further reduced from the current high level"--NBER website
Book Synopsis Federal Public Debt by : Brazil. Secretaria do Tesouro Nacional
Download or read book Federal Public Debt written by Brazil. Secretaria do Tesouro Nacional and published by . This book was released on 2009 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :World Bank. Latin America and the Caribbean, Country Dept. I. Public Sector Management and Private Sector Development Division Publisher : ISBN 13 : Total Pages :82 pages Book Rating :4.A/5 ( download)
Book Synopsis Brazil State Debt by : World Bank. Latin America and the Caribbean, Country Dept. I. Public Sector Management and Private Sector Development Division
Download or read book Brazil State Debt written by World Bank. Latin America and the Caribbean, Country Dept. I. Public Sector Management and Private Sector Development Division and published by . This book was released on 1995 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Debt by : Anderson Caputo Silva
Download or read book Public Debt written by Anderson Caputo Silva and published by . This book was released on 2010 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Management and insustainability of the public debt in the brazil by :
Download or read book Management and insustainability of the public debt in the brazil written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Nesse trabalho abordamos a importância do gerenciamento nasustentabilidade da dívida. Em um primeiro instante, definimos períodos deinsustentabilidade da dívida pública de forma alternativa à literatura corrente. Através de modelos probabilísticos com variável dependente insustentabilidadesendo binária, encontramos evidências empíricas de que a composição e aduração da dívida influenciam a probabilidade de ocorrência de períodos deinsustentabilidade, para o período compreendido entre janeiro de 1996 esetembro de 2005. Em um segundo momento, utilizamos a abordagem degerenciamento de risco para analisar a sustentabilidade da dívida. Agregamos aessa abordagem o fato de decompormos a dívida pública por indexador. Atravésde simulações de Bootstrap em bloco e Monte Carlo, obtemos trajetóriasexplosivas da dívida pública, embora na ausência de risco, haja sustentabilidade. Além do mais, estimamos estatísticas de risco para a dívida e encontramosrazoável correlação entre essas e o risco-país. Por fim, observamos que títulosindexados à taxa de juros selic e a moeda estrangeira aumentam a probabilidadede haver insustentabilidade.
Book Synopsis A Benchmark for Public Debt by : Rodrigo Silveira Veiga Cabral
Download or read book A Benchmark for Public Debt written by Rodrigo Silveira Veiga Cabral and published by . This book was released on 2013 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public debt management has gained prominence over the last years. The pursuit of an adequate public debt composition is critical to the objective of minimizing long term financing costs, while ensuring the maintenance of prudent risk levels. In this sense, we devise a benchmark for the public debt, defined as a long term, optimal debt structure, to serve as a guide for short and medium term borrowing strategies. The proposed benchmark builds on stochastic finance methods to construct an efficient frontier for public debt. Such a frontier indicates which debt compositions are efficient from a cost/risk trade-off standpoint. In short, this paper aims at formulating a consistent theoretical public debt benchmark model, thus creating the possibility of choosing an optimal debt composition to serve as a guide for public debt management decisions. For those interested in the history of debt management practices in Brazil, we present in the appendix an account of its institutional evolution and tools used, of which the benchmark is the latest addition.
Author :United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on International Finance, Trade, and Monetary Policy Publisher : ISBN 13 : Total Pages :100 pages Book Rating :4.F/5 ( download)
Book Synopsis Brazilian Debt Crisis by : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on International Finance, Trade, and Monetary Policy
Download or read book Brazilian Debt Crisis written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on International Finance, Trade, and Monetary Policy and published by . This book was released on 1987 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Guidelines for Public Debt Management -- Amended by : International Monetary Fund
Download or read book Guidelines for Public Debt Management -- Amended written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-09-12 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Latin American Sovereign Debt Management by : Inter-American Development Bank
Download or read book Latin American Sovereign Debt Management written by Inter-American Development Bank and published by . This book was released on 1990 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
