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

Leno S. Rocha, Frederico S. A. Rocha and Th\'arsis T. P. Souza

Papers from arXiv.org

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 with the proposed model. Results may guide management of public finances, particularly debt manager authorities in charge of reaching surplus targets.

Date: 2016-04
New Economics Papers: this item is included in nep-lam and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1604.07782

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