Since 2014
La Estructura de la Deuda Pública en México
Economic Analysis Review
View Archive Info| Field | Value | |
| Title |
La Estructura de la Deuda Pública en México
La Estructura de la Deuda Pública en México |
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| Creator |
Hernández Trillo, Fausto
Villagómez, Alejandro |
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| Description |
This paper studies the evolution and composition of the public debt of Mexico, with an emphasis on the internal components. The results of the analysis suggest that there is no evidence of a strong relationship between the premia payed by the different instruments and the structure of the public debt. Consequently, we refute the widespread notion that public indebtedness policies have increased the cost of servicing the debt. The empirical analysis suggests that the Mexican government increased the share of domestic currency denominated instruments in the public debt as a response to increased inflationary uncertainty. On the contrary, the government reduced the share of foreign currency denominated instruments in the public debt as a response to increased exchange rate uncertainty. This is interpreted as consistent with the anti-inflationary commitment of the government because it kept the domestic debt indexed to inflation and, thus, reduced the incentives to liquefy the debt via price increases.
This paper studies the evolution and composition of the public debt of Mexico, with an emphasis on the internal components. The results of the analysis suggest that there is no evidence of a strong relationship between the premia payed by the different instruments and the structure of the public debt. Consequently, we refute the widespread notion that public indebtedness policies have increased the cost of servicing the debt. The empirical analysis suggests that the Mexican government increased the share of domestic currency denominated instruments in the public debt as a response to increased inflationary uncertainty. On the contrary, the government reduced the share of foreign currency denominated instruments in the public debt as a response to increased exchange rate uncertainty. This is interpreted as consistent with the anti-inflationary commitment of the government because it kept the domestic debt indexed to inflation and, thus, reduced the incentives to liquefy the debt via price increases. |
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| Publisher |
Universidad Alberto Hurtado - Facultad de Economía y Negocios
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| Contributor |
—
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| Date |
2010-01-27
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — — |
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| Format |
application/pdf
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| Identifier |
http://www.rae-ear.org/index.php/rae/article/view/4
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| Source |
Revista de Análisis Económico - Economic Analysis Review; Vol 16, No 1 (2001); 99-143
Revista de Análisis Económico – Economic Analysis Review; Vol 16, No 1 (2001); 99-143 0718-8870 0716-5927 |
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| Language |
spa
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| Relation |
http://www.rae-ear.org/index.php/rae/article/view/4/7
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