A transformação da dívida externa em títulos de longo prazo
This paper offers a discussion of the proposal of securitization of external debt in the context of Brazilian economy. After analyzing many questions involved, the paper presents a specific proposal of conversion of external debt into bonds with long-term maturity and fixed interest rate. This proposal should reduce the external transfer of real resources and decrease the outstanding of external debt and diminish the vulnerability of Brazilian economy to an increase in the interest rate as well. The paper presents also a simulation of Brazilian Balance of Payments and key macroeconomics variables for the period 1988/92 in order to evaluate the proposal.