A multiple contracts version of the SACRE
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2023-05
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Taking into consideration that the SACRE (system of increasing amortization in real terms), as originally instituted by Caixa Econômica Federal, is not financially consistent,can exact procedure, denoted as SACRE*, was proposed in de Faro and Lachtermacherc (2012). The present paper submits a multiple contract version of SACRE*. It is shown
that, taking into due account the financial institution cost of capital, it is always better to
implement the multiple contracts approach.