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Dívida pública e passivo externo: Onde está a ameaça?
Gentil, Denise Lobato; Araúja, Victor Leonardo de - 2012
This work aims to analyze if the trajectory and composition of net and gross, public debt and external liabilities can hinder the growth of Brazilian GDP. The work concludes that fiscal indicators are more comfortable that external indicators. The net public debt is falling and less linked to...
Persistent link: https://www.econbiz.de/10010330718
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A Risk Management Approach to Emerging Market’s Sovereign Debt Sustainability with an Application to Brazilian Data
Garcia, Márcio; Rigobon, Roberto - 2004
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/10011807312
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A gerência recente do endividamento público brasileiro
Maia, Pedro; Garcia, Márcio G. P. - 2011
We use two frameworks to analyze the recent Brazilian public debt management. The first one encompasses the Brazilian optimal public debt management analysis through the examination of the correlations among the main variables to which the public debt is indexed. The second seeks to address the...
Persistent link: https://www.econbiz.de/10011807419
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Tax reform on the brink of fiscal dominance: a political economy model
Werneck, Rogério L. F. - 2005
With an overindebted public-sector, Brazil has been on the brink of a fiscal dominance problem for quite a long time … Brazil. Section 3 shows how the combination of those facts creates very unfavorable conditions for the approval of the kind …
Persistent link: https://www.econbiz.de/10011807331
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What lessons can Asia draw from capital controls in Brazil during 2008 - 2012?
Jinjarak, Yothin; Noy, Ilan; Zheng, Huanhuan - 2013
implementing them. We focus on Brazil, which instituted five changes in its capital account regime over 2008 - 2011. Using the … synthetic control method, we construct counterfactuals (i.e., Brazil with no policy change) for each of these changes. We find … regarding the government's larger intentions and sensibilities. In the case of Brazil, its left-of-center government …
Persistent link: https://www.econbiz.de/10010397230
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Fiscal discipline and the cost of public dept service: some estiames for OECD countries
Ardagna, Silvia; Caselli, Francesco; Lane, Timothy - 2004
We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest...
Persistent link: https://www.econbiz.de/10011604457
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Public debt and long-term interest rates: the case of Germany, Italy and the USA
Paesani, Paolo; Strauch, Rolf; Kremer, Manfred - 2006
The debate on the sustainability of public finances is closely related to the analysis of the financial and macroeconomic consequences of government debt accumulation. Focusing on the USA, Germany and Italy over the 1983-2003 period, the central issue addressed in this paper is how the...
Persistent link: https://www.econbiz.de/10011604702
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The impact of high and growing government debt on economic growth: an empirical investigation for the euro area
Checherita-Westphal, Cristina; Rother, Philipp - 2010
This paper investigates the average impact of government debt on per-capita GDP growth in twelve euro area countries over a period of about 40 years starting in 1970. It finds a non-linear impact of debt on growth with a turning point—beyond which the government debt-to-GDP ratio has a...
Persistent link: https://www.econbiz.de/10011605283
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Major public debt reductions: Lessons from the past, lessons for the future
Nickel, Christiane; Rother, Philipp; Zimmermann, Lilli - 2010
The financial crisis of 2008/2009 has left European economies with a sizeable public debt stock bringing back the question what factors help to reduce these fiscal imbalances. Using data for the period 1985-2009 this paper identifies factors determining major public debt reductions. On average,...
Persistent link: https://www.econbiz.de/10011605287
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Towards expenditure rules and fiscal sanity in the euro area
Hauptmeier, Sebastian; Sanchez Fuentes, Jesus; … - 2010
The study looks at primary expenditure developments in the euro area, its three largest members and four “macro-imbalances” countries for the period 1999-2009. It compares actual expenditure trends with those that would have prevailed if countries had followed neutral policies based on...
Persistent link: https://www.econbiz.de/10011605312