A Brazilian-Type Debt Crisis: Simple Analytics

Assaf Razin and Efraim Sadka

No 9606, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We develop a model that captures important features of debt crises of the Brazilian type. Its applicability to Brazil lies in the fact that (1) macro fundamentals were sound in the wake of the crisis (e .g., a non-negligible primary surplus, a relatively low debt/GDP ratio, low inflation, etc.); and (2) the trigger for the crisis appears to be the forthcoming elections, with an expected regime change.

JEL-codes: F3 (search for similar items in EconPapers)
Date: 2003-04
New Economics Papers: this item is included in nep-afr
Note: IFM
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Published as Assaf Razin & Efraim Sadka, 2004. "A Brazilian-Type Debt Crisis," IMF Staff Papers, Palgrave Macmillan Journals, vol. 51(1), pages 7.

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