Constant items’ real values are maintained constant over
time under CIPPA by means of measurement of financial capital maintenance in
units of constant purchasing power in terms of a Daily CPI or monetized daily
indexed unit of account during low inflation, high inflation and deflation and
in terms of a relatively stable foreign currency daily parallel rate (normally
the US Dollar daily parallel rate) or a daily Brazilian-style Unidade Real de Valor index during
hyperinflation. Daily measurement of constant items is essential in the case of
trade debtors, trade creditors and all other non-monetary payables and
receivables which can be paid on any day of the month.
When it is intended to maintain the real
value of a monetary item, for example, a government inflation-indexed bond during
inflation, it is immediately realized that a Daily Consumer Price Index is
required since these bonds trade on a daily basis. Many countries use Daily
CPIs to value these bonds on a daily basis.
A
daily US Dollar (or other relatively stable foreign currency) parallel rate is generally
spontaneously used by the population and in the consumer markets to value
variable real value non-monetary items on a daily basis during hyperinflation.
Brazil, for example, used government supplied daily indices
from 1964 to 1994 to index most non-monetary items on a daily basis in the
entire economy during 30 years of very high inflation and hyperinflation of up
to 2000 per cent per annum.
‘Não temos como fornecer,
conforme solicitado, os detalhes exatos do indexador utilizado durante o
período de alta inflação no Brasil. Vale
esclarecer que, desde 1964, quando foi implementado o Programa de Ação
Econômica do Governo – PAEG, vários mecanismos de indexação foram introduzidos
na economia brasileira objetivando reduzir os efeitos da inflação não
antecipada sobre o lado real da economia. Podemos destacar os mecanismos
destinados à taxa de câmbio, aos salários e e à correção monetária de ativos
financeiros. Ao longo da existência das ORTNs e de seus sucedâneos, por
exemplo, os governos mudaram em diversas oportunidades as fórmulas de cálculo
da correção monetária e trocaram várias vezes os índices de preços que eram
utilizados no cálculo da mesma.
Assim sendo, sugerimos uma consulta ao Ministério da Fazenda, que talvez possa fornecer o histórico dos indexadores utilizados no País.’
Assim sendo, sugerimos uma consulta ao Ministério da Fazenda, que talvez possa fornecer o histórico dos indexadores utilizados no País.’
(Central
Bank of Brazil, 2010)
Chile has been using a monetized daily indexed unit of
account, the Unidad de Fomento, to
inflation index a part of its money supply since 1977. The UF´s value is calculated and published
daily by the Banco Central de Chile since 1990.
Prof. Robert Shiller stated:
‘Another coordination problem is that we must decide, and
agree, on a way to smooth the CPI. We should not define prices just in terms of
the latest CPI because the CPI is vulnerable to sudden jumps from month to
month. This is particularly true when we are talking about indexing financial
contracts to the CPI. A unit of account like the UF would smooth out the CPI
movements, otherwise there would be important jumps in deposit balances on the
dates of new announcements of the CPI. Thus, the smoothing of the CPI in
producing the UF has also been a fundamental part of the functioning of the UF
as an analogue of money.’
Nicolaas Smith
Copyright (c) 2005-2012 Nicolaas J Smith. All rights reserved. No reproduction without permission.
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