Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/129924
Authors: 
de Bragança, Gabriel G. Fiuza
Pessoa, Marcelo de Sales
de Souza, Gustavo Moreira
Year of Publication: 
2015
Series/Report no.: 
Texto para Discussão, Instituto de Pesquisa Econômica Aplicada (IPEA) 2158
Abstract (Translated): 
In 2011, the Brazilian government granted an income tax benefit to corporate bonds issued with the specific purpose of financing long-term infrastructure investments (Law 12.431/2011). The financial bonds favored by this policy have become known as "incentivized bonds". This paper describes the current state of this market in comparison to international peers and evaluates the initial results of this policy. Comparing the "incentivized bonds" with the other bonds in the market, we find signs that the program has succeeded in the attraction of new investors for the Brazilian corporate bond market. However, the government might have failed in encouraging the companies to join the initiative. In essential infrastructure sectors such as electricity and transport, the percentage of eligible corporate bonds that did not adhered to the aforementioned program is greater than 70%.
Subjects: 
debentures
infrastructure
public policy
JEL: 
G10
G11
G20
G28
L90
Document Type: 
Working Paper

Files in This Item:
File
Size
872.14 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.