Política monetária e dívida pública federal no Brasil, de 2004 a 2015
Resumo
A condução da política monetária pelos bancos centrais condensa parte importante das discussões teóricas na Ciência Econômica. Outro aspecto relevante é a gestão da dívida pública por parte das autoridades fiscais. Este artigo analisa o período entre 2004 e 2015, no Brasil, para apresentar como a operacionalização da política monetária do Banco Central conjuga-se com a administração da dívida pública federal (DPF) por parte do Tesouro Nacional. Para tanto, será importante compreender que o comportamento das instituições financeiras condiciona o resultado obtido pelas autoridades. Questiona-se se a aparente melhora no perfil da dívida pública federal pode ter sido frustrada pela condução da política monetária, que ofereceu às instituições financeiras, através das operações compromissadas, uma rentabilidade similar à presente nos títulos pós-fixados do Tesouro Nacional.
Palavras-chave: Política monetária; dívida pública; operações compromissadas
Título em inglês:
Monetary policy and federal public debt in Brazil from 2004 to 2015
Abstract
The monetary policy implementation by central banks condenses much of the theoretical discussions in Economics. Another important aspect is the government debt management by fiscal authorities. This article analyzes the period between 2004 and 2015 in Brazil to show how the monetary policy implementation by the Central Bank is combined with the management of the Federal Public Debt (FPD) by the National Treasury. For this purpose, it will be important to understand how the behavior of financial institutions affects the results obtained by the authorities. It was examined whether the apparent improvement in the profile of the FPD may have been frustrated by the monetary policy implementation, which offered to financial institutions, through repurchase agreements, a return similar to that of the floating rate notes of the National Treasury.
Key words: Monetary policy; public debt; repurchase agreements
Artigo recebido em 19 jan. 2016.
Palavras-chave: Política monetária; dívida pública; operações compromissadas
Título em inglês:
Monetary policy and federal public debt in Brazil from 2004 to 2015
Abstract
The monetary policy implementation by central banks condenses much of the theoretical discussions in Economics. Another important aspect is the government debt management by fiscal authorities. This article analyzes the period between 2004 and 2015 in Brazil to show how the monetary policy implementation by the Central Bank is combined with the management of the Federal Public Debt (FPD) by the National Treasury. For this purpose, it will be important to understand how the behavior of financial institutions affects the results obtained by the authorities. It was examined whether the apparent improvement in the profile of the FPD may have been frustrated by the monetary policy implementation, which offered to financial institutions, through repurchase agreements, a return similar to that of the floating rate notes of the National Treasury.
Key words: Monetary policy; public debt; repurchase agreements
Artigo recebido em 19 jan. 2016.
Palavras-chave
política monetdívida pública, operações compromissadas.
Texto completo:
PDFISSN 1806-8987