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Further investigation into the sustainability of the brazilian federal domestic debt

  • Viviane Luporini

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    This paper investigates the sustainability of the Brazilian federal domestic debt using quarterly data from 1981 to 1998. A debt is considered sustainable if the government's budget is intertemporally balanced. Sustainability is tested through the mean-zero stationarity of the discounted debt/GDP ratio with standard unit root tests and the null hypothesis of stationarity. The results indicate that the federal domestic debt have assumed an unsustainable path during the period studied and that the government may indeed have an incentive to reestructure its debt.

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    File URL: http://www.cedeplar.ufmg.br/pesquisas/td/TD%20131.pdf
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    Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td131.

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    Length: 26 pages
    Date of creation: 2000
    Date of revision:
    Publication status: Published (in Portuguese) in Análise Econômica, 2001, vol. 36.
    Handle: RePEc:cdp:texdis:td131
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    Web page: http://www.cedeplar.ufmg.br
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    Order Information: Postal: Cedeplar-FACE-UFMG Av. Antonio Carlos, 6627 Belo Horizonte, MG 31270-901 Brazil

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    1. Henning Bohn, . "The Sustainability of Budget Deficits with Lump-Sum and with Income-Based Taxation," Rodney L. White Center for Financial Research Working Papers 17-90, Wharton School Rodney L. White Center for Financial Research.
    2. Ahmed, Shaghil & Rogers, John H., 1995. "Government budget deficits and trade deficits Are present value constraints satisfied in long-term data?," Journal of Monetary Economics, Elsevier, vol. 36(2), pages 351-374, November.
    3. Hamilton, James D & Flavin, Marjorie A, 1986. "On the Limitations of Government Borrowing: A Framework for EmpiricalTesting," American Economic Review, American Economic Association, vol. 76(4), pages 808-19, September.
    4. Wilcox, David W, 1989. "The Sustainability of Government Deficits: Implications of the Present-Value Borrowing Constraint," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(3), pages 291-306, August.
    5. McCallum, Bennett T, 1984. "Are Bond-Financed Deficits Inflationary? A Ricardian Analysis," Journal of Political Economy, University of Chicago Press, vol. 92(1), pages 123-35, February.
    6. Hakkio, Craig S & Rush, Mark, 1991. "Is the Budget Deficit "Too Large?"," Economic Inquiry, Western Economic Association International, vol. 29(3), pages 429-45, July.
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