Financial budget adjustment and public debt carrying cost in Brazil 2002-2021
The paper presents a decomposition of the net interest paid by the Braziliangovernment, in 2002-2021, dividing the expenditure in four parts: the real-interest-ratecost, the inflation cost, the carry cost of fixed-income assets and exchange-rate swaps.The analysis also details the carry cost in term...
| Autores: | , |
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| Formato: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2023 |
| País: | Brasil |
| Recursos: | EDITORA 34 |
| Repositorio: | Revista de Economia Política |
| Idioma: | portugués |
| OAI Identifier: | oai:ojs2.centrodeeconomiapolitica.org:article/2388 |
| Acesso em linha: | https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2388 |
| Access Level: | acceso abierto |
| Palavra-chave: | Brazil fiscal adjustment net interest paid by the government Brasil ajuste fiscal juros líquidos pagos pelo governo |
| Resumo: | The paper presents a decomposition of the net interest paid by the Braziliangovernment, in 2002-2021, dividing the expenditure in four parts: the real-interest-ratecost, the inflation cost, the carry cost of fixed-income assets and exchange-rate swaps.The analysis also details the carry cost in terms of the government’s main financial assets:(international reserves and loans to the BNDES), showing that the financial adjustment of2016-2021 reduced the equilibrium primary balance in around 2.5% of GDP. JEL Classification: E62; H60; N16. |
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