THE DETERMINANTS OF BRAZILIAN PUBLIC DEBTS DURATION IN THE POST-REAL PLAN PERIOD / OS DETERMINANTES DA DURAÇÃO DA DÍVIDA PÚBLICA BRASILEIRA NO PERÍODO PÓS-REAL

AUTOR(ES)
DATA DE PUBLICAÇÃO

2003

RESUMO

This dissertation aims to find out the determinants of Brazilian public debt duration after the Real Plan. First, one discusses the models of public debt management and to what extent they can be applied to the evolution of Brazilian duration in the period studied. Then, an analysis of Brazilian public debt management is made, concerning debt´s size, composition, denomination and maturity. In a decomposition exercise, it can be verified that the main factor responsible for the enormous growth of the Federal Bonded Debt are interest payments, which are consequence of structural questions. The reason to study debt´s size and composition is due to their influence in terms of maturity. Finally, an empirical study is conducted evaluating the determinants of Brazilian public debt duration from August 1996 to December 2002. The results show that the higher is debt´s size (measured by the ratio debt/GDP) and the PSBR (Public Sector Borrowing Requirements), the lower is the duration.

ASSUNTO(S)

maturity duration divida publica duracao maturidade brazil brasil public debt

ACESSO AO ARTIGO

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