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Resumo
O presente artigo tem por objetivo elaborar uma análise que realce os principais elementos que caracterizam os modelos Giavazzi-Pagano (1990) e Calvo-Guidotti (1990). Esses modelos são de grande importância para a compreensão de como a dívida pública deve ser administrada em um contexto de crise de confiança e ameaça de mudança de regime cambial. Ou seja, os modelos supracitados indicam caminhos para que sejam evitados problemas de falta de credibilidade na condução da política econômica. O principal resultado obtido sugere que o alongamento da dívida representa uma boa estratégia para a administração da dívida pública.
Abstracts
The aim of this paper is to make an analysis that highlights the main characteristics of the GiavazziPagano (1990) and Calvo-Guidotti (1990) models. These models have large importance for the comprehension of how must be management the public debt in an environment of trust crisis and threat of change in exchange regime. In this sense, the above-mentioned models show ways for avoiding the problems of lack of credibility in the conduction of the economic policy. The main result suggests that the extension of the debt is a good strategy for the management of the public debt.
Key words: Public debt. Credibility. Giavazzi-Pagano and Calvo-Guidotti models
Referências
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