Made available in DSpace on 2008-05-13T13:16:16Z (GMT). No. of bitstreams: 1 2129.pdf: 277122 bytes, checksum: 345f4eca3a09b856d4eafece5f3b0434 (MD5) Previous issue date: 2005-05-27 / Our main goal in this paper was to measure how e¢ cient is risk sharing between countries. In order to do so, we have used a international risk sharIn this paper we re-analyze the question of the U.S. public debt sustainability by using a quantile autoregression model. This modeling allows for testing whether the behavior of U.S. public debt is asymmetric or not. Our results provide evidence of a band of sustainability. Outside this band, the U.S. public debt is unsustainable. We also nd scal policy to be adequate in the sense that occasional episodes in which the public debt moves out of the band do not pose a threat to long run sustainability.

Made available in DSpace on 2010-04-20T20:17:24Z (GMT). No. of bitstreams: 0 Previous issue date: 1998-09-24T00:00:00Z / O trabalho versa sobre os incentivos e as restrições impostas para o endividamento no mercado de títulos públicos estaduais e municipais no Brasil e nos EUA. Desenvolve-se a discussão referente à competência para estabelecer restrições ao endividamento das esferas subnacionais