| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1127 |
| DP1127 Banking and Development | |
| Joseph Zeira; Oren Sussman | |
| 发表日期 | 1995-02-28 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | The degree to which credit markets discipline sovereign borrowers is investigated by estimating the supply curve for debt faced by US states. The results generally support an optimistic view of the market discipline hypothesis, with credit markets providing incentives for sovereign borrowers to restrain borrowing. While the risk premium on bond yields is estimated to increase only gradually at low levels of debt, this effect appears to become much larger as debt rises. There is also some evidence that credit markets may withhold access to credit at very high levels of debt. |
| 主题 | International Macroeconomics |
| 关键词 | Credit market Fiscal discipline |
| URL | https://cepr.org/publications/dp1127 |
| 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/530270 |
| 推荐引用方式 GB/T 7714 | Joseph Zeira,Oren Sussman. DP1127 Banking and Development. 1995. |
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