Efeito da desoneração fiscal de não residentes sobre a curva de juros brasileira: medida provisória nº 281/2006

Abstract

The study analyzes the effect on the Brazilian term structure of interest rates brought about by the Provisional Measure 281, published on 16/02/2006, which reduced to zero the income tax on federal bonds acquired by non-residents. Using data on federal bonds yield and duration (LTN’s, NTN-F’s and NTN-B’s), the methodology isolates the effect of the Provisional Measure on the term structure. The findings indicate that the tax reduction had a significant effect on the term structure, with a decrease of up to 1.2% in the short-term rate, and an increase of up to 2% in the long-term rate.