Indexation of public debt: analytical considerations and an application to the case of Brazil

Since the implementation of the Real Plan of 1994, the Brazilian economy has been in the process of reducing its degree of indexation. For more than three decades, Brazilian wages, rents, financial securities, and other contracts were indexed to the price level. The frequency of adjustment sometimes...

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Autor principal:	Goldfajn, Ilan
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	DEUDA PÚBLICA PRECIOS INFLACIÓN
Acceso en línea:	https://hdl.handle.net/20.500.12580/3635
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spelling	oai-20.500.12580-36352021-04-24T10:56:19Z Indexation of public debt: analytical considerations and an application to the case of Brazil Goldfajn, Ilan DEUDA PÚBLICA PRECIOS INFLACIÓN Since the implementation of the Real Plan of 1994, the Brazilian economy has been in the process of reducing its degree of indexation. For more than three decades, Brazilian wages, rents, financial securities, and other contracts were indexed to the price level. The frequency of adjustment sometimes reached monthly or even daily intervals, as in the case of some financial securities. Brazilian indexation was inseparably associated with high rates of inflation, which averaged 20 percent per month over the last three decades. Inflation peaked at 82 percent per month during the hyperinflation (or megainflation) episode that occurred just before the Collor Plan went into effect. The association between inflation and indexation has always provoked the debate about whether high and variable inflation induces the indexation of the economy through the breakdown of nominal contracts or whether indexation perpetuates the inflationary process as argued by the inertial theory of inflation. 2019-11-01T00:01:40Z 2019-11-01T00:01:40Z 2002 Artículo 956-7421-110 https://hdl.handle.net/20.500.12580/3635 eng Serieson Central Banking, Analysis, and Economic Policies, no. 2 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 295-315 application/pdf BRASIL Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	DEUDA PÚBLICA PRECIOS INFLACIÓN
spellingShingle	DEUDA PÚBLICA PRECIOS INFLACIÓN Goldfajn, Ilan Indexation of public debt: analytical considerations and an application to the case of Brazil
description	Since the implementation of the Real Plan of 1994, the Brazilian economy has been in the process of reducing its degree of indexation. For more than three decades, Brazilian wages, rents, financial securities, and other contracts were indexed to the price level. The frequency of adjustment sometimes reached monthly or even daily intervals, as in the case of some financial securities. Brazilian indexation was inseparably associated with high rates of inflation, which averaged 20 percent per month over the last three decades. Inflation peaked at 82 percent per month during the hyperinflation (or megainflation) episode that occurred just before the Collor Plan went into effect. The association between inflation and indexation has always provoked the debate about whether high and variable inflation induces the indexation of the economy through the breakdown of nominal contracts or whether indexation perpetuates the inflationary process as argued by the inertial theory of inflation.
format	Artículo
author	Goldfajn, Ilan
author_facet	Goldfajn, Ilan
author_sort	Goldfajn, Ilan
title	Indexation of public debt: analytical considerations and an application to the case of Brazil
title_short	Indexation of public debt: analytical considerations and an application to the case of Brazil
title_full	Indexation of public debt: analytical considerations and an application to the case of Brazil
title_fullStr	Indexation of public debt: analytical considerations and an application to the case of Brazil
title_full_unstemmed	Indexation of public debt: analytical considerations and an application to the case of Brazil
title_sort	indexation of public debt: analytical considerations and an application to the case of brazil
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3635
work_keys_str_mv	AT goldfajnilan indexationofpublicdebtanalyticalconsiderationsandanapplicationtothecaseofbrazil
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Indexation of public debt: analytical considerations and an application to the case of Brazil

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