Is the public sector of your country a diffusion borrower? Empirical evidence from Brazil

Leno S Rocha, Frederico S A Rocha and Thársis T P Souza

PLOS ONE, 2017, vol. 12, issue 10, 1-11

Abstract: We propose a diffusion process to describe the global dynamic evolution of credit operations at a national level given observed operations at a subnational level in a sovereign country. Empirical analysis with a unique dataset from Brazilian federate constituents supports the conclusions. Despite the heterogeneity observed in credit operations at a subnational level, the aggregated dynamics at a national level were accurately described by the proposed model. Results may guide management of public finances, particularly debt manager authorities in charge of reaching surplus targets.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0185257

DOI: 10.1371/journal.pone.0185257

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