Is the public sector of your country a diffusion borrower? Empirical   evidence from Brazil
  We propose a diffusion process to describe the global dynamic evolution of credit operations at a national level given observed operations at a subnational level in a sovereign country. Empirical analysis with a unique dataset from Brazilian federate constituents supports the conclusions. Despite the heterogeneity observed in credit operations at a subnational level, the aggregated dynamics at a national level were accurately described with the proposed model. Results may guide management of public finances, particularly debt manager authorities in charge of reaching surplus targets. 
Leno S. Rocha, Frederico S. A. Rocha and Th\'arsis T. P. Souza
q-fin.GN physics.soc-ph q-fin.ST