Extraordinary Performance in the Public Securities Market - The Experience of the Brazilian National Treasury
DOI:
https://doi.org/10.55532/1806-8944.2022.189Keywords:
Gerenciamento da Dívida, Atuações Extraordinárias, Reserva de Liquidez, Operações de Passivo.Abstract
This article analyzes the use of extraordinary actions in the public bond market carried out by the Brazilian National Treasury, covering aspects related to the country's macroeconomics, finances and institutional structure. We sought to understand the main elements, tools, contexts and underlying factors that were present over time. Using a probit model and analysis of principal components, it was found that the National Treasury performs extraordinary actions based on important indicators of financial market volatility and seeks to minimize this type of action, favoring market adjustments.
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BLOMMESTEIN, Hans, Mehmet Emre Elmadag, and Jacob Wellendorph Ejsing. 2012. “Buyback and Exchange Operations: Policies, Procedures and Practices amongst OECD Public Debt Managers.” https://ideas.repec.org/p/oec/dafaaf/5-en.html#biblio.
BLOMMESTEIN, H. J. Overview of Risk Management Practices in OECD Countries. OECD Publishing, Paris, 2005.
BLOMMESTEIN, H. J. e TURNER, P. Interactions between sovereign debt management and monetary policy under fiscal dominance and financial instability, OECD Working Papers on Sovereign Borrowing and Public Debt Management 3, OECD Publishing, Paris, 2012.
CABRAL, R., LOPES, M. et al. A Benchmark for Public Debt: The Brazilian Case. Tesouro Nacional, Departamento de Planejamento Estratégico da Dívida Pública, Brasília, 2008.
CRUZ, P. and KOC, F. The liquidity buffer practices of public debt managers in OECD countries, OECD Working Papers on Sovereign Borrowing and Public Debt Management, 2018.
CARVALHO, L. O., GARRIDO, F. E. P. e SILVA, A. C. Evolução recente do mercado de títulos da Dívida Pública Federal. In: SILVA, Anderson; CARVALHO, Lena; MEDEIROS, Otavio de (Org.). Dívida pública: a experiência brasileira. Brasília: STN; Banco Mundial, 2009.
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ESCOLANO, J. A Practical Guide to Public Debt Dynamics, Fiscal Sustainability and Cyclical Adjustment of Budgetary Aggregates. IMF Technical Notes and Manuals, 2010.
GRAGNANI, J. A.; PEDRAS, G. B. B.; PEREIRA, M. P. Mercado secundário da Dívida Pública Federal. In: SILVA, Anderson; CARVALHO, Lena; MEDEIROS, Otavio de (Org.). Dívida pública: a experiência brasileira. Brasília: STN; Banco Mundial, 2009.
GOODHART, C. A. E. The changing role of central banks, BIS Working Paper 326, Bank for International Settlements (BIS), Basel, Switzerland, 2010.
HOOGDUIN, L.; ÖZTÜRK, B. e WIERTS, P. Public debt managers behaviour: Interactions with macro policies, DNB Working Paper 273, Netherlands Central Bank, Research Department, 2010.
IMF. Guidelines for Public Debt Management of 2001, revised in 2014.
IMF e WB. Developing government bond markets: A handbook, International Monetary Fund (IMF), Washington, D.C., 2001a.
MENDES, M. A Lei 11.803/2008 e a relação financeira Tesouro Nacional e Banco Central. In: Bacha, E. (org.). A Crise Fiscal e Monetária Brasileira. Rio de Janeiro: Civilização Brasileira, 1º ed, 2016.
SECRETARIA DO TESOURO NACIONAL. Plano Anual de Financiamento: 2001 a 2019.
TESOURO NACIONAL. Plano Anual de Financiamento. Brasília, Tesouro Nacional, 2004-2019.
_________________. Relatório Anual da Dívida. Brasília, Tesouro Nacional, 2004-2019.
WORLD BANK. Revised Guidelines for Public Debt Management. Washington, DC: World Bank, 2014.
WORLD BANK. Bond Buybacks and Exchanges. Background Note. Washington, DC: World Bank, 2015.
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Published
17-04-2023
How to Cite
Borges Dias, H., Vital Nunes Pereira, L. F., & de Oliveira Leitão Neto, P. . (2023). Extraordinary Performance in the Public Securities Market - The Experience of the Brazilian National Treasury . CADERNOS DE FINANÇAS PÚBLICAS, 22(03). https://doi.org/10.55532/1806-8944.2022.189
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