Public debt management and foreign currency denominated bonds
Foreign-currency denominated securities are introduced in a stochastic model à la Missale (2001). It is shown that the percentage share of this bond type, as compared to total debt, is an increasing function of the covariance between the output and the rate of depreciation, but it may or may not be...
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| Outros Autores: | , |
| Formato: | article |
| Idioma: | eng |
| Publicado em: |
2007
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| Assuntos: | |
| Texto completo: | http://hdl.handle.net/1822/12183 |
| País: | Portugal |
| Oai: | oai:repositorium.sdum.uminho.pt:1822/12183 |
| Resumo: | Foreign-currency denominated securities are introduced in a stochastic model à la Missale (2001). It is shown that the percentage share of this bond type, as compared to total debt, is an increasing function of the covariance between the output and the rate of depreciation, but it may or may not be a decreasing function of the volatility of the rate of depreciation |
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