A multiple contracts version of the SACRE

Clovis de Faro and Gerson Lachtermacher

No 837, FGV EPGE Economics Working Papers (Ensaios Economicos da EPGE) from EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil)

Abstract: Taking into consideration that the SACRE (system of increasing amortization in real terms), as originally instituted by Caixa Econômica Federal, is not financially consistent,can exact procedure, denoted as SACRE*, was proposed in de Faro and Lachtermacherc (2012). The present paper submits a multiple contract version of SACRE*. It is shown that, taking into due account the financial institution cost of capital, it is always better to implement the multiple contracts approach.

Date: 2023-05
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