| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP318 |
| DP318 Confidence Crises and Public Debt Management | |
| Francesco Giavazzi; Marco Pagano | |
| 发表日期 | 1989-05-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | Under free capital mobility, confidence crises can lead to devaluations even when fixed exchange rates are viable, if fiscal authorities can obtain temporary money financing of deficits. During a crisis domestic interest rates increase, reflecting the expected devaluation. Rather than selling debt at punitive rates, fiscal authorities will turn to temporary money financing, leading to equilibria with positive probability of devaluation. These equilibria can be ruled out if the amount of debt maturing during the crisis is sufficiently small - a condition that can be met by reducing the stock of public debt, lengthening its average maturity and/or smoothing the time distribution of maturing issues. |
| 主题 | International Macroeconomics |
| 关键词 | Debt crisis Debt management Ems Exchange rates Public debt |
| URL | https://cepr.org/publications/dp318 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529470 |
| 推荐引用方式 GB/T 7714 | Francesco Giavazzi,Marco Pagano. DP318 Confidence Crises and Public Debt Management. 1989. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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