Campos and Cysne (2019a) use the multicointegration method to analyze the behavior of Brazilian public debt between 1997 and 2018. The authors observe, in this previous work, the necessity of evaluating the existence of a ...

Hyman Minsky's financial instability hypothesis (FIH) argues that as part of the normal functioning of capitalist economies robust financial structures tend to evolve into highly leveraged fragile financial structures. The ...

This thesis is composed of three essays related to fiscal policy and public debt. The first chapter analyses quantitatively the relevance of different fiscal policy responses to a debt restructuring episode, taking into ...

This study sought to analyze the impact of the country risk shock on the Brazilian economic cycles post-inflation targeting regime. For this, we used a SOE-RBC model proposed by Schmitt-Grohé and Uribe (2003) modified to ...

In view of the fact that the traditional model of tax smoothing (Barro, 1979) cannot account for the recent generalized increasing trend in public debt (PD), this paper improves the traditional determinants of PD by ...

The choice of sovereign-debt maturity in countries at risk of default represents a complex set of competing forces. The tradeoffs reflect the underlying frictions present in international sovereign-debt markets. The primary ...