No Estado de Sao Paulo, em um cenario com controle do HLB, as perdas totais alcancariam R$ 4 bilhoes para um horizonte de 20 anos, utilizando-se da TJLP
(MIRANDA et al., 2011).
The exposure to the TJLP
interest rate is views as a weakness, as it has a mismatch with revenues' indexation.
Since we are examining a period of hyperinflation, variables such as the long term interest rate (TJLP
) and the yield on savings accounts would be candidates as state variables.
BNDES loans are calculated in accordance with the government's long-term interest rate, known as the TJLP
, which is six percent, plus an average spread of two percent.
The government has made some progress on its microeconomic reform agenda over the past year, for example, the labor reform and conversion of a subsidized long-term lending rate (TJLP
) to a market-linked long-term lending rate (TLP), are positive measures for improving allocation of resources although their impact on the broader economy will likely take time to materialize.
The calculation is based on the stockholders' equity amounts as stated in the statutory accounting records and the interest rate applied may not exceed the long-term interest rate ("TJLP
") determined by the Brazilian Central Bank (approximately 9.75%, 7.78% and 6.32% for years 2005,2006 and 2007, respectively).
Over the past few months, the authorities have passed an outsourcing law, a labor reform and the law for converting a subsidised long-term lending rate ('TJLP
') to a market-based long term lending rate ('TLP').