Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/129924 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Texto para Discussão No. 2158
Verlag: 
Instituto de Pesquisa Econômica Aplicada (IPEA), Brasília
Zusammenfassung (übersetzt): 
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%.
Schlagwörter: 
debentures
infrastructure
public policy
JEL: 
G10
G11
G20
G28
L90
Dokumentart: 
Working Paper

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