出版社：Faculdade de Administra??o, Contabilidade e Economia, Pontifícia Universidade Católica do Rio Grande do Sul
摘要：This paper takes the so-called “original sin” hypothesis as constraint to improvements in the composition of the federal securities debt as it proposes the existence of a frontier of choice between term and the proportion of fixed-rate securities in the debt. The quality of the resulting choice can be measured through the Securities Debt Composition Index (ICDM), which is based on the attributes average term and proportion of fixed-rate, relatively to the US debt taken as benchmark. This analytical tools make it possible to discuss the main cases of the Brazilian historical experience on securities debt indexation and choice of term structure, namely: the initial impulse from monetary correction; issuance of short-term fixed rate papers; prefixation of correction; introduction of financial adjustment; reintroduction of fixed rate securities; the case of inflation-linked bonds; new fixed rate bonds with coupon; and the domestic dollar-linked debt. The conclusions point out to the fact that the debt manager should take parallel shifts in the frontier as exogenous, while its actual strategy should be based on the identification of opportunities of non-parallel shifts. The latter can be obtained through new debt instruments or additional offer of certain types of instruments that meet specific agents’ demands.
关键词：Public securities debt. Original sin. Securities debt frontier.;Dívida pública mobiliária. Pecado original. Fronteira da dívida mobiliária.
