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Technical Notes

The Technical Notes were created to disclosure studies and reports about themes related to the Brazilian Federal Public Debt. These notes, which present a broader discussion about the topics in question, are used to subsidize decisions on debt management policies and to disseminate knowledge among analysts, academics, debt management officials and others.

Optimal Federal Public Debt Composition

The Optimal Federal Public Debt Composition details the model used by Brazilian National Treasury to define the optimal long-term debt composition (benchmark) and describes the process of debt strategic planning. The optimal composition represents the desired profile for the debt structure and constitutes a guide for delineating the government's short and medium-term financing strategies. An efficient debt profile improves the fiscal stance and, therefore, contributes to the maintenance of macroeconomic stability of the country.

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Relationship Between the Fiscal and the Monetary Authority: International Experience and the Brazilian Case

From the theoretical and empirical points of view, the publication "Relations between the fiscal authority and the monetary authority: international experience and the Brazilian case" presents a wide-ranging discussion of the institutional relationship between the monetary authority and the government that created it. A well-designed arrangement between these institutions tends to avoid constraints on monetary authority efforts in pursuit of its objectives, while contributing to healthier evolution of public finance. In this sense, various themes are discussed, including centralization (or not) of government cash resources at the Central Bank (CB), earnings on these resources, refinancing of government bonds that mature in the monetary authority portfolio, transfer of its positive results and coverage of its negative results. Finally, the document also features a summary of Brazilian experience in light of the suggestions put forward by specialized literature and the practical experience of other countries, representing a contribution to the international debate and to dissemination of these matters among debt managers and academics, among other interested parties.

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