| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2520 |
| DP2520 Debt Maturity and the Global Financial Architecture | |
| Olivier Jeanne | |
| 发表日期 | 2000-08-29 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | The paper starts from the premise that the debate on the ?new architecture? of the international financial system should be based on a theory that endogenizes the structure of countries' external liabilities. I present a model in which the maturity of a country's external sovereign debt is the solution to an incentives problem, which may lead to reliance on short-term debt and vulnerability to runs. I study, in the context of this model, the welfare effects of an international lender of last resort, measures aimed at coordinating creditors in crises, and a tax on short-term capital flows. These measures may increase or decrease global welfare, and always leave it strictly below the first-best level. |
| 主题 | International Macroeconomics |
| 关键词 | International debt Debt maturity Liquidity crises Lending in last resort Capital controls |
| URL | https://cepr.org/publications/dp2520 |
| 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/531596 |
| 推荐引用方式 GB/T 7714 | Olivier Jeanne. DP2520 Debt Maturity and the Global Financial Architecture. 2000. |
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