Razin, Assaf; Sadka, Efraim - In: IMF Staff Papers 51 (2004) 1, pp. 7-7
This paper develops a model that captures important features of debt crises of the Brazilian type. 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...