Public debt indexation and denomination: the case of Brazil
本文构建了公共部门最优债务管理策略模型，分析通胀方差、债务规模、实际汇率方差及通胀与公共支出相关性对债务管理的影响，并解释巴西1994年雷亚尔计划前后指数化债务先增后减的现象。
The paper models the optimal debt management strategy of the public sector when issuing nominal, price-level-indexed and foreign denominated debt securities. The model predicts that the variance of inflation, the size of the public debt, the variance of the real exchange rate, and the correlation of inflation with public expenditures are the main determinants of public debt management. Using this framework the paper analyses the Brazilian experience with indexed debt in the last decade. In particular, it explains the large increase of indexed public debt in Brazil prior to the 1994 Real plan and, thereafter, the steady decline in its use. Copyright © 2000 John Wiley & Sons, Ltd.