Public Debt Management in Brazil

Table 3 - Debt Composition from Survey of Expectations

	Risk No hedge	Risk	Risk+Cost	Risk+Cost Fix=Selic=0
Selic Rate	0.88	-4.14	-1.80	0
Foreign Exchange	027	0.73	-0.12	0.01
Price Index	1.03	2.98	2.61	0.99
Fixed Rate	-1.18 ~	1.43 ~	0.08 '	0 ~~

Notes: The debt composition is derived from equations (19)-(21).

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