Price of the currencies of privatisation: the effect of different interest rates

Abstract This article develops some formulas to calculate the difference between the price of the currencies of privatization (so-called “junk money”) in the secondary market and their face value. A matrix of results, based on different rules of payment of public debt, and several costs of opportunity (rates of discount) is exposed. The results are useful to distinguish the effect of differences between the rate of interest of the privatization currencies and the expected free-market rate of interest from the effect caused by the lack of government credibility.

摘要 本文推导得到若干公式，用于计算二级市场中私有化货币（privatization currencies，即俗称“垃圾货币（junk money）”）的价格与其票面价值之间的差额。本文还展示了基于不同公共债务偿付规则及多种机会成本（贴现率）构建的结果矩阵。所得结果可用于区分两类效应：一是私有化货币利率与预期自由市场利率之间的差异所产生的效应，二是由政府公信力缺失所引发的效应。