Further investigation into the sustainability of the brazilian federal domestic debt

Viviane Luporini ()

Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: This paper investigates the sustainability of the Brazilian federal domestic debt using quarterly data from 1981 to 1998. A debt is considered sustainable if the government's budget is intertemporally balanced. Sustainability is tested through the mean-zero stationarity of the discounted debt/GDP ratio with standard unit root tests and the null hypothesis of stationarity. The results indicate that the federal domestic debt have assumed an unsustainable path during the period studied and that the government may indeed have an incentive to reestructure its debt.

Keywords: Federal debt; fiscal consolidation; Brazil (search for similar items in EconPapers)
JEL-codes: B11 B31 B40 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2000
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Published (in Portuguese) in Análise Econômica, 2001, vol. 36.

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