La Estructura de la Deuda PÃºblica en MÃ©xico
AbstractThis 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.
Upon submission of an article, authors are asked to indicate their agreement to abide by an open-access license. The license permits any user to download, print out, extract, archive, and distribute the article, so long as appropriate credit is given to the authors of the work. The license ensures that your article will be as widely available as possible and that your article can be included in any scientific archive. Please read about the Creative Commons Attribution License before submitting your paper.
Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution 3.0 License