Dívida pública brasileira: 1995-1998

• Autor(a) principal: Zanoni, Noel Cesar Picolo
• Data de Publicação: 2005
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da PUC_SP
• Texto Completo: https://tede2.pucsp.br/handle/handle/9383
• topic: Dívida pública - Brasil; modelo de Calvo e Guidotti; modelo de Giavazzi e Pagano; CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA

The main target of this study is to discuss about the Brazilian public debt , specially focusing the period between 1995 and 1998. These years were after the implementation of Real Plan, where the Brazilian economy, after 20 years of high inflation, finally reached its stability. This inflation stability did not come with a fiscal balance, so the public sector borrowing requirements were the main cause from Brazilian external vulnerability. We showed thought a model of public debt management, that despite the inflation stability, Brazil did not change the maturing average of Brazilian bonds and these bonds had the same portfolio of the inflation period, basically pos-fixed bonds. As a conclusion , we noticed that Brazilian external vulnerability was a consequence of its economics polices, decided during Real Plan, as high interest rates whose target was to defend the fixed exchange rate against a confidence crisis