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| Author: | Razin, A. Sadka, E. |
| Title: | A Brazilian-type debt crisis: simple analytics |
| Journal: | IMF Staff papers
2004 : VOL. 51:1, p. 148-153 |
| Index terms: | Debt Financial crises Brazil |
| Language: | eng |
| Abstract: | A model that captures important features of debt crises of the Brazilian type is developed. Its applicability to Brazil lies in the facts that 1) macroeconomic fundamentals were relatively sound in the wake of the crisis (e.g., a nonnegligible primary surplus, a relatively low debt-GDP ratio and low inflation) and 2) the trigger of the crisis - forthcoming elections with an expected regime change - appears to be extraneous. The sort of circularity involved in a country's credit rating is rationalized. |
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