A note on the optimum composition of public debt: reflections on the Brazilian case
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https://doi.org/10.11606/1980-5330/ea145206Palabras clave:
public debt, optimal debt management, BrazilResumen
This note surveys, in a non-technical manner, the considerations brought up by the economic literature concerning optimal public debt composition and focuses in applied issues of the theory. According to the literature, the public debt manager must bear in mind objectives such as budget risk minimization (linked to tax smoothing objectives), the maintenance of credibility, signaling, the minimization of roll-over risk, the provision of liquidity to the market and the minimization of risks linked to indexation in the economy. A brief analysis is pursued for the Brazilian case, indicating the policy prescriptions recommended by the literature.
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Derechos de autor 2000 Economia Aplicada
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