NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A Brazilian-Type Debt Crisis: Simple Analytics

Assaf Razin, Efraim Sadka

NBER Working Paper No. 9606*
Issued in April 2003
NBER Program(s):   IFM

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) macro fundamentals were sound in the wake of the crisis (e .g., a non-negligible primary surplus, a relatively low debt/GDP ratio, low inflation, etc.); and (2) the trigger for the crisis appears to be the forthcoming elections, with an expected regime change.

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