@techreport{NBERw9211, title = "A Brazilian Debt-Crisis Model", author = "Assaf Razin and Efraim Sadka", institution = "National Bureau of Economic Research", type = "Working Paper", series = "Working Paper Series", number = "9211", year = "2002", month = "September", doi = {10.3386/w9211}, URL = "http://www.nber.org/papers/w9211", abstract = {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) in Brazil the macro fundamentals were sound (e.g., a primary surplus, a relatively low debt/GDP ratio, etc.); and (2) in the Brazilian case the trigger appears to be the forthcoming elections, with an expected regime change.}, }