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A Brazilian Debt-Crisis

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Author Info
Assaf Razin
Efraim Sadka

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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 National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9160.

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Date of creation: Sep 2002
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Handle: RePEc:nbr:nberwo:9160

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F3 - International Economics - - International Finance

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  1. Razin, Assaf & Sadka, Efraim, 2001. "Country risk and capital flow reversals," Economics Letters, Elsevier, vol. 72(1), pages 73-77, July. [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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This page was last updated on 2009-12-5.

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