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2017 | OriginalPaper | Buchkapitel

14. The Effects of Public Debt Management on Macroeconomic Equilibrium: An Analysis of the Brazilian Economy

verfasst von : Fábio Henrique Bittes Terra, Cleomar Gomes da Silva, Manoel Carlos de Castro Pires

Erschienen in: The New Brazilian Economy

Verlag: Palgrave Macmillan US

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Abstract

The aim of this chapter is to study the effects of public debt management on yield curve spreads in Brazil, in order to see possible impacts on the country’s economic activity. State space models, together with Kalman filter estimators, are used for the period ranging from June 2002 to February 2012. The results indicate that increases in the issuance of fixed-rate-linked bonds lead to increases in yield spreads and the longer the maturity, the longer the effect. The opposite occurs when there is an increased issuance of floating-rate bonds. Therefore, a change in the structure of the Brazilian public debt is not neutral on the yield curve, with possible impacts on the country’s macroeconomic balance.

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Titel: The Effects of Public Debt Management on Macroeconomic Equilibrium: An Analysis of the Brazilian Economy
verfasst von: Fábio Henrique Bittes Terra
Cleomar Gomes da Silva
Manoel Carlos de Castro Pires
Verlag: Palgrave Macmillan US
Buch: The New Brazilian Economy
Print ISBN: 978-1-137-46296-1

Electronic ISBN: 978-1-137-46297-8

Copyright-Jahr: 2017
DOI: https://doi.org/10.1057/978-1-137-46297-8_14

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