As operações compromissadas do banco central e a evolução da dívida pública brasileira no período de 2006 a 2016

Abstract

This paper analyzes the Brazilian public debt and its effects on the economy, taking into account the relevance of repurchase agreements as a component of Public Debt. Given that the temporality of this analysis covers the period from 2006 to 2016, while in this period the "new macroeconomic matrix" is established for the Brazilian economy. Initially, the discussion deals with the effects and consequences for the economy of a debt whose trajectory is growing. Next, methodological considerations are presented on the forms of financing, cost, risk and debt measurement. Therefore, the factors that contributed to the sharp increase in the balance of repurchase agreements from 2006 onwards are analyzed. In this case, it is worth noting the increase in international reserves and, especially, the relationship between the National Treasury and the Central Bank. Based on the actions of these actors, it is understood that the increase in commitments was not an unpredictable and inevitable fact, but the result of the interaction between these institutions. Finally, there is a discussion of repo operations and the evolution of the Brazilian public debt over the years from 2006 to 2016.