Detail Central Bank independence and the federal domestic debt: A study of the Brazilian case, 1966-1996 Bibliografi Author: Luporini, Viviane ; Marty, Alvin (Advisor) Topik: ECONOMICS; FINANCE|BUSINESS ADMINISTRATION; BANKING|HISTORY; LATIN AMERICAN Bahasa: (EN )    ISBN: 0-599-06238-X     Penerbit: CITY UNIVERSITY OF NEW YORK     Tahun Terbit: 1998     Jenis: Theses - Dissertation Fulltext: 9908345.pdf (0.0B; 1 download) Abstract This dissertation analyzes the sustainability of the Brazilian federal domestic debt from 1966 to 1996, and reveals how the low degree of independence between the Treasury and the Central Bank allowed the federal government to continue financing itself despite the unsustainable path assumed by its debt after 1981. Through an institutional mechanism known as the 'repurchase agreement' and the issuance of central bank securities, the Brazilian monetary authorities became hostage to the Treasury's ever-growing fiscal necessities and lost control over the levers of monetary policy. A historical background and data analysis provide a general overview of the evolution of the Brazilian federal domestic debt since the financial reform of 1964-66, when the first price-indexed government security was created. The sustainability of the federal domestic debt is then tested through the mean-zero stationarity of the discounted debt/GDP ratio in the context of an infinite-horizon framework, and the Central Bank's ability to control the money supply is discussed under two scenarios: absence and presence of the repurchase agreements. The analysis indicates that the federal domestic debt becomes unsustainable after 1981, and that the Brazilian central the repurchase agreements are used. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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