Fiscal adjustments and sovereign default in different government systems

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

Spill-over effects in multi-partner loyalty programs

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

A multiagent based shop floor transportation system simulator

Dissertação para obtenção do Grau de Mestre em Engenharia Electrotécnica e de Computadores

Micropollutant bioremoval in wastewater treatment systems: from microbial population structure to function

Dissertation presented to obtain the Ph.D degree in Biology

Hierarchical Reinforcement Learning in Behavior and the Brain

Dissertation presented to obtain the Ph.D degree in Biology, Neuroscience

Haptic robot-environment interaction for self-supervised learning in ground mobility

Dissertação para obtenção do Grau de Mestre em Engenharia Eletrotécnica e de Computadores

Fiscal adjustments and sovereign default in different government systems

This paper extends the model of Spolaore (2004) about adjustments in di erent government systems for the context of scal adjustments and sovereign default. We introduce asymmetry between groups in income and preferences towards scal reforms. Default a ects di erently each group and becomes a possibility if reforms are not enacted after public nance solvency shocks, in uencing the political game according to its likelihood. With the extensions, new situations which were not possible with the previous framework arise. After the exposition of the model, the Argentine default in 2001 provides an example of the political con icts addressed by the model.