Public Debt Management in Brazil

Cov(yi)/Var(i)

-0.42

Cov(iπ)/Var(i)

0.64

Cov(ye)/V ar(e)

033

Cov(eπ)/V ar(e)

-0.57

Cov(yπ)/V ar (π)

-0.53

Cov(eπ)/V ar(π)

-1.23

V ar(i)

0.109

Cov(ie)∕Var(i)

-0.96

Var(e)

0.172

Cov(ie)/Var(e)

-0.61

V ar(π)

0.079 ~~

Cov(iπ)/V ar(π)

0.89   ~

Risk
No hed

Risk

Risk+Cost

Risk+Cost

Fix=Sel=0

Risk+Cost

No oth

Selic Rate

0.30

-0.26

0.03

0

0.37

Foreign Exchange

-0.32

0.06

0.54

0.18

-0.24

Price Index

0.63

0.89

1.35

0.82

0.71

Fixed Rate

0.38

0.26

-0.92    ^

0       ^

0.16    ^