Um estudo sobre a relação entre as operações compromissadas do Banco Central do Brasil e a dívida pública federal.

Abstract

Compromised operations consist of an important tool used by the Banco Central do Brasil to regulate the money supply and liquidity conditions in Economy. However, the excessive use of these transactions can negatively impact the perception of sustainability of fiscal policy, as they represent short-term loans, capable of increasing the volume of public bonds in circulation, affecting public debt. The present work aims to analyze the interrelationship between variables associated with fiscal policy and the volume of compromised operations , with short and long term implications, through a Vector Error Correction Model (VECM). In this discussion, the importance of operational coordination between the Banco Central do Brasil and the Tesouro Nacional stands out, as well as the need to use alternative monetary instruments to reduce the volume of this operations, aiming to minimize their possible adverse impacts.