ABSTRACT
This paper is an attempt to calculate which should be the discount of NCZ$ if the Brazilian Central Bank did auctions to convert them into Cr$. Using some simple formulae of financial mathematics, it is shown that discount is a direct function of expected market rate of interest and an inverted one of term up to the conversion from NCZ$ into Cr$. Based on it, a matrix of results is made, which could be useful to isolate the discount due exclusively to distrust from the whole discount. The most outstanding conclusion is that discount could be high even within a context of full confidence, just because the expected market rate of interest is high too.
KEYWORDS:
Monetary policy; stabilization; Collor Plan