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| Author(s): |
Adriana Ferreira Ponta
Total Authors: 1
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| Document type: | Master's Dissertation |
| Press: | São Paulo. |
| Institution: | Universidade de São Paulo (USP). Faculdade de Economia, Administração e Contabilidade (FEA/SBD) |
| Defense date: | 1996-01-22 |
| Examining board members: |
Affonso Celso Pastore;
Pedro Luiz Valls Pereira;
Marcos Eugenio da Silva
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| Advisor: | Affonso Celso Pastore |
| Abstract | |
This dissertation tests the hypotheses of growth sustainability of both internal and external debts and also the substitution of internal debt for external one. For this sake some empirical tests are undertaken as follows: (a) the hypothesis of growth sustainability of internal debt is tested through the first difference stationarity of the real internal debt; (b) the hypothesis of growth sustainability of external debt is tested through the cointegration between net external debt stock and trade surpluses; and (c) the hypothesis of substitution of internal debt for external one is tested by examining the direction of the causality between these two variables. The empirical evidence indicates that the internal and external debts are, respectively, sustainable and unsustainable, and that the external debt causes the internal one. These three results, which are seemingly unrelated, are then discussed at the end of the dissertation (AU) | |