COMPOSIÇÃO ÓTIMA PARA A DÍVIDA PÚBLICA: UMA ANÁLISE MACRO-ESTRUTURAL
Mariana Lopes and
Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] from ANPEC - AssociaÃ§Ã£o Nacional dos Centros de PÃ³s-GraduaÃ§Ã£o em Economia [Brazilian Association of Graduate Programs in Economics]
The development of the process for liberalization and integration of the domestic markets on relation to the international markets along the last decades and the increasing volatility of capital flows resulted in the necessity of a higher coordination between fiscal and monetary policies. After the adoption of inflation targeting model by the Brazilian government, on June 1999, several works were made aiming to estimate the best macroeconomic models to be followed by monetary authority. Those models were developed in order to discipline and foment the discussions about monetary policies by Central Bank. The scope of this paper is to develop a "small macro-structural model" for the Brazilian economy, whose objective is to determine the optimal composition for public debt according to the Efficient Frontier analysis (Markovitz Model). Thus, this paper aims at finding out the most adequate composition for public debt, considering that Central Bank follows a given rule for monetary policy. Therefore, the objective of this paper is to determine the optimal "structure" of debt related to each indicator composition, considering the reaction function of the Central Bank. However, this paper does not try to estimate the optimal monetary rule followed by the Central Bank.
JEL-codes: E17 E47 E44 E52 E63 (search for similar items in EconPapers)
References: Add references at CitEc
Citations Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:anp:en2004:036
Ordering information: This working paper can be ordered from
Secretaria da ANPEC Rua Prof Marcos Valdemar de Freitas Reis s/n Campus do Campus do GragoatÃ¡, Bloco F NiterÃ³i, RJ 24210-201 Brazil
Access Statistics for this paper
More papers in Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] from ANPEC - AssociaÃ§Ã£o Nacional dos Centros de PÃ³s-GraduaÃ§Ã£o em Economia [Brazilian Association of Graduate Programs in Economics] Secretaria da ANPEC Rua Prof Marcos Valdemar de Freitas Reis s/n Campus do Campus do GragoatÃ¡, Bloco F NiterÃ³i, RJ 24210-201 Brazil. Contact information at EDIRC.
Bibliographic data for series maintained by Rodrigo Zadra Armond ().