The transformation of external debt into long-term bonds

Paulo Nogueira Batista ()

Brazilian Journal of Political Economy, 1988, vol. 8, issue 3, 356-374

Abstract: This paper offers a discussion of the proposal of securitization of external debtin the context of Brazilian economy. After analyzing many questions involved, the paperpresents a specific proposal of conversion of external debt into bonds with Iong term maturityand fixed interest rate. This proposal should reduce the external transfer of real resourcesand ecrease the outstanding of external debt and diminish the vulnerability of Brazilianeconomy to an increase in the interest rate as well. The paper presents also a simulation ofBrazilian Balance of Payments and key macroeconomics variables for the period 1988/92 inorder to evaluate the proposal. JEL Classification: H63; F34.

Keywords: External debt; capital flow; debt crisis; securities (search for similar items in EconPapers)
Date: 1988
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