Fiscal Costs Of Monetary Policy: Indirect Effects Of An Interest Rate Shock On Brazilian Public Net Debt

Custos Fiscais Da Política Monetária: Os Efeitos Indiretos De Um Choque De Juros Sobre A Dívida Líquida Do Setor Público

dc.creatorCarvalho
dc.creatorLaura; Diniz
dc.creatorAndré; Pedrosa
dc.creatorÍtalo; Rossi
dc.creatorPedro
dc.date2016
dc.date2017-08-30T17:38:02Z
dc.date2017-08-30T17:38:02Z
dc.date.accessioned2018-03-29T05:31:02Z
dc.date.available2018-03-29T05:31:02Z
dc.identifierRevista De Economia Política. Editora 34, v. 36, n. 3, p. 557 - 579
dc.identifier0101-3157
dc.identifierS0101-31572016000300557
dc.identifierhttp://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572016000300557
dc.identifierhttp://repositorio.unicamp.br/jspui/handle/REPOSIP/324971
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/1359189
dc.descriptionThe paper estimates the fiscal cost of an increase in the Brazilian policy interest rate - the SELIC - by considering not only the direct effect on the yield of public bonds that are indexed to the SELIC, but also indirect effects on: (i) the yield of public bonds that are indexed to the exchange rate and inflation, and (ii) the stock of public net debt through adjustments in the value of international reserves measured in domestic currency. Projections are based on the estimation of the relationship between interest rates, exchange rates and inflation by means of a vector auto-regression. We conclude that the inclusion of such indirect effects has an ambiguous effect on the response of the implicit interest rate on public net debt to shocks in the SELIC, when adjustments in the value of international reserves are not considered. However, the inclusion of the latter amplifies the fiscal cost of a more restrictive monetary policy. These results call for a better coordination between monetary, fiscal and exchange rate policies in Brazil.
dc.description36
dc.description3
dc.description557
dc.description579
dc.languageIngles
dc.publisherEditora 34
dc.relationRevista de Economia Política
dc.rightsaberto
dc.sourceScielo
dc.subjectBrazilian Public Debt Structure
dc.subjectMonetary Policy
dc.subjectInterest Rate-exchange Rate Nexus
dc.subjectInternational Reserves
dc.subjectDebt Sustainability
dc.subjectEstrutura Da Dívida Pública Brasileira
dc.subjectPolítica Monetária
dc.subjectNexo Juros-câmbio
dc.subjectReservas Internacionais
dc.subjectSustentabilidade Da Dívida
dc.titleFiscal Costs Of Monetary Policy: Indirect Effects Of An Interest Rate Shock On Brazilian Public Net Debt
dc.titleCustos Fiscais Da Política Monetária: Os Efeitos Indiretos De Um Choque De Juros Sobre A Dívida Líquida Do Setor Público
dc.typeArtículos de revistas


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