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Can the Central Bank Alleviate Fiscal Burdens?
Reis, Ricardo - 2017
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...
Persistent link: https://www.econbiz.de/10012966585
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Cointegration and Tests of Present Value Models
Campbell, John Y. - 2010
In a model where a variable Y[sub t] is proportional to the present value, with constant discount rate, of expected future values of a variable y[sub t] the quot;spreadquot; S[sub t]= Y[sub t] - [theta sub t] will be stationary for some [theta] whether or not y[sub t]must be differenced to...
Persistent link: https://www.econbiz.de/10012763269
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Debt Maturity : Is Long-Term Debt Optimal?
Alfaro, Laura - 2007
solve for the optimal debt maturity for Brazil as an example of a developing country and the U.S. as an example of a mature …
Persistent link: https://www.econbiz.de/10012776887
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Household Debt and Recession in Brazil
Garber, Gabriel - 2018
Brazil experienced one of the most severe recessions in its history from 2014 to 2016. Following a pattern shown for …
Persistent link: https://www.econbiz.de/10012909125
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The Monetary and Fiscal History of Brazil, 1960-2016
Ayres, João - 2019
Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the … growth. In addition, we document a strong positive correlation between inflation rates and seigniorage revenues, although … inflation rates are relatively high for modest levels of seigniorage revenues. Finally, we discuss the role of the weak …
Persistent link: https://www.econbiz.de/10012895494
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A Brazilian Debt-Crisis
Razin, Assaf; Sadka, Efraim - 2021
We develop a stylised model of multiple equilibria, with country risk spreads at the focus of the analysis. Fears that the country default on its debt triggers a reversal in the direction of inflows of international financial capital raise interest-rate spreads and thus the cost of servicing the...
Persistent link: https://www.econbiz.de/10013219683
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Public Debt Management in Brazil
Giavazzi, Francesco; Missale, Alessandro - 2021
This paper derives the optimal composition of the Brazilian public debt by looking at the relative impact of the risk and cost of alternative debt instruments on the probability of missing the stabilization target. This allows to price risk against the expected cost of debt service and thus to...
Persistent link: https://www.econbiz.de/10013226189
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A Brazilian-Type Debt Crisis : Simple Analytics
Razin, Assaf; Sadka, Efraim - 2021
We develop a model that captures important features of debt crises of the Brazilian type. Its applicability to Brazil …
Persistent link: https://www.econbiz.de/10013235863
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A Brazilian Debt-Crisis Model
Razin, Assaf; Sadka, Efraim - 2021
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) in Brazil the macro fundamentals were sound (e.g., a primary surplus, a relatively low debt …
Persistent link: https://www.econbiz.de/10013244094
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A Risk Management Approach to Emerging Market's Sovereign Debt Sustainability with an Application to Brazilian Data
Garcia, Marcio G. P. - 2013
In this paper we study the question of debt sustainability from a risk management perspective. The debt accumulation equation for any country involves variables that are stochastic and closely intertwined. When these aspects are taken into consideration the notion of debt sustainability is...
Persistent link: https://www.econbiz.de/10012754612