Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/315179 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Texto para Discussão No. 3094
Verlag: 
Instituto de Pesquisa Econômica Aplicada (IPEA), Brasília
Zusammenfassung: 
The management of Brazil's public debt imposes a high fiscal cost due to the burden of interest payments. A key factor contributing to the substantial cost of servicing public debt, which hinders the balance of public accounts, is the structurally high nominal and real basic interest rates. The evidence presented here suggests the existence of cost asymmetries in the stock of Domestic Federal Public Securities Debt (DFPSD) throughout the Selic rate. The average cost of the DFPSD aligns with the Selic rate during its upward phase. However, in the downward phase, the gap between the Selic rate and the average cost of the DFPSD stock widens. Therefore, the asymmetry in fiscal costs throughout the Selic rate cycle can be explained, at least in part, by the institutional arrangement of public debt management, particularly the conventions that shape the behavior of private economic agents trading in DFPSD.
Schlagwörter: 
Selic rate
DFPSD
TFB
NTB
NTN-B
JEL: 
E4
G1
H6
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Dokumentart: 
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