The recent management of Brazilian public debt

Vol. 32 No. 2 (2012)

Apr-Jun / 2012
Published April 1, 2012
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Maia da Cunha, Pedro, and Márcio G. P. Garcia. 2012. “The Recent Management of Brazilian Public Debt”. Brazilian Journal of Political Economy 32 (2):260-81. https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/353.

The recent management of Brazilian public debt

Pedro Maia da Cunha
London School of Economics
Márcio G. P. Garcia
PUC-Rio e CNPq.
Brazilian Journal of Political Economy, Vol. 32 No. 2 (2012), Apr-Jun / 2012, Pages 260-281

Abstract

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.

JEL Classification: H63; E58.


Keywords: optimal public debt management Brazil public bond debt