Giavazzi, Francesco; Missale, Alessandro - National Bureau of Economic Research (NBER) - 2004
conditional variance of debt returns and of their covariances with output growth, inflation, exchange-rate depreciation and the … covariances with output growth, inflation, exchange-rate depreciation and the Selic rate. We estimate the relevant covariances by …This paper derives the optimal composition of the Brazilian public debt by looking at the relative impact of the risk …