The public debt market : a proposal to induct the term structure of interest rate formation / O mercado de divida publica : uma proposta para induzir a formação da estrutura a termo da taxa de juros

AUTOR(ES)
DATA DE PUBLICAÇÃO

2006

RESUMO

This research discusses the formation of the term structure of the interest rate and the process of improvement of the Brazilian public debt profile. Considering the current anomalous situation of the public debt market, the study intends to contribute with the debate that deals with the creation of a final demand of investors for fixed income bonds and the development of a conventional yield curve. It starts with the assumption that the current anomalous structure of the yield curve reflects a system inherited from the inflationary period that has not been successfully disassembled by the current monetary stabilization. The research considers the analysis of the current public debt market dynamics, and the understanding of the interests and motivations that drive main economic agents in this market. In this sense, it is expected to sketch a non traumatic market mechanism, to induce the formation of a normal term structure of the domestic interest rates, in line with the increase of the public debt s duration, and to boost the liquid demand for public fixed income financial instruments of longer maturity. The data and information for the study was obtained by means of direct interviews conducted with economists, experts and public debt market participants, and also from reviewing the theme specific literature

ASSUNTO(S)

monetary policy public debt interest rate politica monetaria divida publica taxa de juros

ACESSO AO ARTIGO

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