This paper examines the recent evolution of the Brazilian public domestic debt and interprets it in light of the confidence crisis literature. The analysis of the recent developments in the Brazilian public domestic debt market shows that the likelihood of a default must not be assessed only...

Unlike previous growth cycles in Brazil, the new one that will complete the Real stabilization plan can no longer count on the state as the main financier and undertaker of the infrastructure investments. This represents a world trend, that originated the "project finance", a way to finance...

The authors aim at obtaining a simple econometric model that allows to build a confidence interval for the dispersion of the bids made by financial institutions at the Central Bank weekly auctions of short term securities in Brazil. Under competitive conditions it is assumed that the bids'...