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A Brazilian Debt-Crisis Model

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Author Info
Razin, Assaf
Sadka, Efraim

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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.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3541.

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Date of creation: Sep 2002
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Handle: RePEc:cpr:ceprdp:3541

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Related research
Keywords: costly-state verification debt crisis multiple self-fulfilling-expectations equilibria

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F3 - International Economics - - International Finance

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References listed on IDEAS
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  1. Assaf Razin & Efraim Sadka, 2001. "Country Risk and Capital Flow Reversals," NBER Working Papers 8171, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Robert Townsend, 1979. "Optimal contracts and competitive markets with costly state verification," Staff Report 45, Federal Reserve Bank of Minneapolis. [Downloadable!]
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