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Revista de Economia Contemporânea

versión On-line ISSN 1980-5527


AMARAL, Rafael Quevedo do  y  OREIRO, José Luis. The relation between the market of public debt and the monetary policy in Brazil. Rev. econ. contemp. [online]. 2008, vol.12, n.3, pp. 491-517. ISSN 1980-5527.

The objective of this article is to argue and to analyze the relevance of the public debt, particularly of its duration, as an important monetary policy mechanism transmission. It is looked to argue that the characteristic of the public debt market in Brazil, strong concentrated in post-fixed assets, especially in Treasure's Financial Letters, removes part of the monetary policy effectiveness. Considering that the LFTs are assets with face value immune to variations in the interests rate and that approximately half of public debt is index to such assets, an important mechanism of monetary policy transmission, the wealth effect, is interrupted.

Palabras clave : monetary policy; public debt; public bonds.

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