A Brazilian Debt-Crisis /
Razin, Assaf.
A Brazilian Debt-Crisis / Assaf Razin, Efraim Sadka. - Cambridge, Mass. National Bureau of Economic Research 2002. - 1 online resource: illustrations (black and white); - NBER working paper series no. w9160 . - Working Paper Series (National Bureau of Economic Research) no. w9160. .
September 2002.
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 public debt. The analytical framework is standard: creditors observe the output of borrowing only at a cost.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.
A Brazilian Debt-Crisis / Assaf Razin, Efraim Sadka. - Cambridge, Mass. National Bureau of Economic Research 2002. - 1 online resource: illustrations (black and white); - NBER working paper series no. w9160 . - Working Paper Series (National Bureau of Economic Research) no. w9160. .
September 2002.
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 public debt. The analytical framework is standard: creditors observe the output of borrowing only at a cost.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.