SACRE的可选多合同版本

Clovis de Faro, G. Lachtermacher
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引用次数: 1

摘要

考虑到最初由Caixa Econômica Federal制定的SACRE(按实际价值增加摊销的制度)在财务上不一致,de Faro和Lachtermacher(2022)提出了一个精确的程序,表示为SACRE*。Forger(2010)提出了该系统的替代版本(SACRE-F)。本文提出了SACRE-F的多合约版本。研究表明,在充分考虑金融机构资金成本的情况下,实施多重合同方案总是优于单一合同方案。对两种方案进行了详细的比较。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
An Alternative Multiple Contracts Version of the SACRE
Taking into consideration that the SACRE (system of increasing amortization in real terms), as originally instituted by Caixa Econômica Federal, is not financially consistent, an exact procedure, denoted as SACRE*, was proposed in de Faro and Lachtermacher (2022). An alternative version (SACRE-F) of this system was proposed by Forger (2010). The present paper submits a multiple contract version of SACRE-F. It is shown that, taking into due account the financial institution cost of capital, it is always better to implement the multiple contracts approach instead of the single contract option. An comparison between the both alternatives are detailed.
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