TY  - JOUR
AU  - Razin,Assaf
AU  - Sadka,Efraim
TI  - A Brazilian-Type Debt Crisis: Simple Analytics
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9606
PY  - 2003
Y2  - April 2003
UR  - http://www.nber.org/papers/w9606
L1  - http://www.nber.org/papers/w9606.pdf
N1  - Author contact info:
Assaf Razin
Department of Economics
Cornell University
Uris 422
Ithaca, NY 14853
Tel: 607/255-9625
Fax: 607/255-2818
E-Mail: ar256@cornell.edu

Efraim Sadka
Tel Aviv University
Eitan Berglas School of Economics
P.O.B. 39040
Ramat Aviv, Tel Aviv, 69978, ISRAEL
E-Mail: sadka@post.tau.ac.il
AB  - 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.
ER  -