Inflation Targeting in Brazil: a Keynesian Approach

O Regime de Meta de Inflação se Tornou Dominante na Formulação de Políticas dos Bancos Centrais nos Últimos 15 Anos. a Teoria Subjacente, Particularmente a Regra de Taylor, Pode ser Vista como uma Competente Generalização Desse Comportamento. de um Ponto de Vista Keynesiano, Ele Será Aceitável se Encararmos a Taxa de Juros de Equilíbrio como Apenas uma Convenção Variável e se a Combinarmos ou com uma Taxa de Câmbio ou com uma Meta de Emprego. no Caso do Brasil, Porém, Além Dessa Ressalva Teórica e da Condição do Duplo Mandato, o Regime de Metas de Inflação Enfrenta um Problema de Incoerência. esta é uma Política que se Destinava a ser Utilizada na Administração da Política Monetária, não na Mudança do Regime de Política Monetária . a Política de Metas de Inflação foi Introduzida no Brasil em 1999 como um Substituto para a Âncora Cambial, que Havia Sido Usada Desastrosamente entre 1995 e 1998. Durante Muitos Anos, o País Havia Enfrentado uma Armadilha de Alta Taxa de Juros / Taxa de Câmbio Valorizada E, Portanto, Precisava Mudar seu Regime de Política Monetária Antes de Eventualmente Adotar o Regime de Meta de Inflação. Essa Mudança, que Começou com a Flutuação de Janeiro de 1999, Deveria ter Sido Completada com Reformas Específicas (Fim da Indexação dos Serviços Públicos e dos Próprios Juros Básicos). no Entanto, em Lugar de Desenvolver uma Estratégia para Reduzir a Taxa de Juros, o Governo Continuou a Definir a Inflação como o Principal Problema a ser Enfrentado e Adotou uma Política Formal de Metas de Inflação. a Conseqüência é que Desde 1999 Essa Política se Tornou o Obstáculo que a Economia Brasileira Enfrenta para Escapar da Armadilha da Taxa de Juros

La demanda de juros en Castilla durante la Edad Moderna : los juros de alcabalas de Murcia

La Corona española no pidió prestado solamente a corto plazo a los grandes banqueros internacionales, también lo hizo a largo plazo emitiendo títulos de deuda (juros), que compraron tanto inversores extranjeros como españoles. El recurso a este tipo de financiación fue particularmente intenso en los siglos XVI y XVII y permitió a la Corona española financiar su ambiciosa política exterior. Este trabajo estudia los juros emitidos sobre las alcabalas de Murcia utilizando una serie con todos los juros emitidos sobre ese impuesto y esa ciudad. La investigación intenta aclarar distintos aspectos de la oferta y demanda de deuda pública en Castilla. A través de estas páginas podemos observar el crecimiento en el número de juros, los cambios en el valor medio de sus rentas anuales y el progresivo descenso de los tipos de interés. Este trabajo pone de manifiesto el desarrollo de un mercado secundario de deuda pública en CastillaThe Spanish Crown not only made short term loans from major international bankers, it also borrowed by issuing long term bonds called "juros", which were bought by Spanish and foreing investors. The issue of such public debt instruments was particularly intense in the 16th and 17th centuries in order to finance the Spanish Crown's ambitious foreign policy. This paper studies the "juros" issued on Murcia's "alcabalas" using a data base with all their bonds issued on this tax and city. The research tries to obtain a picture as clear as possible of the supply and demand of "juros" during that period. We were able to observe a growth in the number of "juros", changes in the average value of their annual rents and the decline of the interest rates paid over time. It shows the development of a market for public debt in CastilePublicad

A estrutura temporal das taxas de juros no Brasil

TCC (graduação) - Universidade Federal de Santa Catarina. Centro Sócio-Econômico. Economia.Este trabalho examina as principais características da Estrutura Temporal das Taxas de Juros no Brasil. Após uma breve revisão acerca das teorias que buscam explicar a relação taxa de juros e maturidade, estabeleceu-se que a ETTJ brasileira mais adequada à análise financeira é formada pelos contratos futuros de juros (DI-Futuro e Swap DI x Pré). Em seguida, demonstrou-se como obter a representação gráfica da ETTJ e um método para interpolação de seus vértices. Por fim, baseando-se no trabalho de Tabak (2003), utilizando uma regressão linear procurou-se estimar a resposta das taxas de juros de mercado às decisões de política monetária representadas pela meta SELIC estabelecida pelo COPOM. Este teste empírico trouxe evidências de que as taxas de curto prazo respondem, pelo menos parcialmente, às variações na taxa básica de juros

La demanda de juros en Castilla durante la Edad Moderna : los juros de alcabalas de Murcia.

La Corona española no pidió prestado solamente a corto plazo a los grandes banqueros internacionales, también lo hizo a largo plazo emitiendo títulos de deuda (juros), que compraron tanto inversores extranjeros como españoles. El recurso a este tipo de financiación fue particularmente intenso en los siglos XVI y XVII y permitió a la Corona española financiar su ambiciosa política exterior. Este trabajo estudia los juros emitidos sobre las alcabalas de Murcia utilizando una serie con todos los juros emitidos sobre ese impuesto y esa ciudad. La investigación intenta aclarar distintos aspectos de la oferta y demanda de deuda pública en Castilla. A través de estas páginas podemos observar el crecimiento en el número de juros, los cambios en el valor medio de sus rentas anuales y el progresivo descenso de los tipos de interés. Este trabajo pone de manifiesto el desarrollo de un mercado secundario de deuda pública en CastillaThe Spanish Crown not only made short term loans from major international bankers, it also borrowed by issuing long term bonds called "juros", which were bought by Spanish and foreing investors. The issue of such public debt instruments was particularly intense in the 16th and 17th centuries in order to finance the Spanish Crown's ambitious foreign policy. This paper studies the "juros" issued on Murcia's "alcabalas" using a data base with all their bonds issued on this tax and city. The research tries to obtain a picture as clear as possible of the supply and demand of "juros" during that period. We were able to observe a growth in the number of "juros", changes in the average value of their annual rents and the decline of the interest rates paid over time. It shows the development of a market for public debt in CastileDeuda pública; Juros; Alcabalas; Castilla; Edad Moderna; Public debt; Castile; Early Modern Age;

Resistencia a la línea de cola de los tableros contrachapados de capinuri (Maquira coriacea) y Oje renaco (Ficus schultesii) utilizando tres formulaciones de cola y harina de yuca como extendedor

Universidad Nacional Agraria La Molina. Facultad de Ciencias Forestales. Departamento Académico de Industrias ForestalesSe evaluó la resistencia del encolado a la humedad y al esfuerzo de tracción paralela al grano de los tableros contrachapados de capinurí y de ojé renaco elaborados en base a tres formulaciones de cola: formulación industrial MAILSAC, formulación industrial GEA y formulación básica VENCEDOR. En las formulaciones industriales se reemplazo el extendedor harina de trigo por harina de yuca en diferentes proporciones. Para la formulación básica se mantuvieron constantes los componentes del adhesivo según especificación técnica. El acopio de láminas de madera así como de las raíces de yuca se realizó en la ciudad de Pucallpa. La mayor calificación promedio en el ensayo físico se obtuvo cuando los tableros fueron elaborados en base a formulación básica. En el ensayo mecánico se encontraron diferencias concluyéndose que el tratamiento 50% harina de yuca: 50% harina de trigo en base a formulación GEA es el que presenta mayor valor de resistencia.Tesi

Debt policy under constraints between Philip II, the Cortes and Genoese bankers

The large public debt was created in 16th century Castile. A new view of its fiscal system is presented. The main part of the debt was in perpetual redeemable annuities and its credibility was enhanced by decentralized funding through taxes administered by cities that represented the Realm in the Cortes. Accumulation of short-term debt would be refinanced by long-term debt. Short-term debt crises occurred when the service of the long-term debt reached the revenues of the taxes that funded the domestic long-term debt. They were resolved after protracted negotiations in the Cortes by tax increases and interest rate reductionsDebt funding, Sovereign loan defaults, Financial crises, Parliaments

Serial defaults, serial profits: Returns to sovereign lending in Habsburg Spain, 1566-1600

Philip II of Spain accumulated debts equivalent to 60% of GDP. He also defaulted four times on his short-term loans, thus becoming the first serial defaulter in history. Contrary to a common view in the literature, we show that lending to the king was profitable even under worst-case scenario assumptions. Lenders maintained long-term relationships with the crown. Losses sustained during defaults were more than compensated by profits in normal times. Defaults were not catastrophic events. In effect, short-term lending acted as an insurance mechanism, allowing the king to reduce his payments in harsh times in exchange for paying a premium in tranquil periods. © 2010 Elsevier Inc. All rights reserved.Sovereign debt, Serial default, Rate of return, Profitability, Spain

Serial Defaults, Serial Profits: Returns to Sovereign Lending in Habsburg Spain, 1566-1600

Philip II of Spain accumulated debts equivalent to 60% of GDP. He also defaulted four times on his short-term loans, thus becoming the first serial defaulter in history. Contrary to a common view in the literature, we show that lending to the king was profitable even under worst-case scenario assumptions. Lenders maintained long-term relationships with the crown. Losses sustained during defaults were more than compensated by profits in normal times. Defaults were not catastrophic events. In effect, short-term lending acted as an insurance mechanism, allowing the king to reduce his payments in harsh times in exchange for paying a premium in tranquil periods.sovereign debt; serial default; rate of return; profitability; Spain

The Sustainable Debts of Philip II: A Reconstruction of Castile's Fiscal Position, 1566-1596

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. We reassess the fiscal position of Habsburg Castile, deriving comprehensive estimates of revenue, debt, and expenditure from new archival data. The king’s debts were sustainable. Primary surpluses were large and rising. Debt/revenue ratios were broadly unchanged across Philip’s reign. Castilian finances in the sixteenth century compare favorably with those of other early modern fiscal states at the height of their imperial ambitions, including Britain. The defaults of Philip II therefore reflected short-term liquidity crises, and were not a sign of unsustainable debts.debt sustainability, serial defaults, early modern state finances

Risk Sharing with the Monarch: Contingent Debt and Excusable Defaults in the Age of Philip II, 1556-1598

Contingent sovereign debt can create important welfare gains. Nonetheless, there is almost no issuance today. Using hand-collected archival data, we examine the first known case of large-scale use of state-contingent sovereign debt in history. Philip II of Spain entered into hundreds of contracts whose value and due date depended on verifiable, exogenous events such as the arrival of silver fleets. We show that this allowed for effective risk-sharing between the king and his bankers. The data also strongly suggest that the defaults that occurred were excusable – they were simply contingencies over which Crown and bankers had not contracted previously.Sovereign Debt, Excusable Default, Rollover Crisis, Spain