Composition of net interest payments of the Brazilian Government: 2002-2017

ABSTRACT This paper presents a methodology to decompose the net interest payments of the Brazilian government in five items: real-interest payments, inflation adjustment, exchange-rate swaps, financial cost of the government’s portfolio and second-order effects. The paper also presents an alternative methodology in which seigniorage is added to the initial list. The Brazilian data show important changes in the composition of the net interest paid in the last 15 years, with a reduction in real-interest payments in 2009-15, and an increase since then. The data also show that the financial cost of the government’s portfolio grew substantially since 2006, due to the accumulation of international reserves by the Central Bank and the government’s loans to its national development bank (BNDES).

摘要 本文提出一种拆解方法，可将巴西政府的净利息支出划分为五个项目：实际利息支出、通胀调整项、汇率掉期（exchange-rate swaps）、政府资产组合的财务成本，以及二阶效应。本文还提出了一种备选方法，在初始项目列表中加入了铸币税（seigniorage）。巴西相关数据显示，过去15年间该国政府净利息支出的构成出现了显著变化：2009年至2015年实际利息支出有所下降，而在此之后则持续攀升。数据同时显示，自2006年起，受巴西中央银行积累国际储备，以及政府向本国开发银行（BNDES）发放贷款的影响，政府资产组合的财务成本大幅增长。