@techreport{NBERw9160,
 title = "A Brazilian Debt-Crisis",
 author = "Assaf Razin and Efraim Sadka",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "9160",
 year = "2002",
 month = "September",
 URL = "http://www.nber.org/papers/w9160",
 abstract = {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.},
}