| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2714 |
| DP2714 The Political Economy of International Migration in a Ricardo-Viner Model | |
| Jaime de Melo; Tobias Müller; Jean-Marie Grether | |
| 发表日期 | 2001-02-27 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper provides evidence on the behaviour of public debt managers during fiscal stabilizations. Such episodes provide valuable information on the way debt instruments are chosen because they allow the problem of policymakers' expectations of interest rates not generally being observable to be overcome. We find that governments increase the share of fixed-rate long-term debt denominated in the domestic currency, causing the conditional volatility of short-term interest rates to become higher, long-term interest rates to become lower, and the fall in long-term rates, that follows the announcement of the stabilization program, to become stronger. In contrast, conventional measures of the relative cost of issuing long-term debt, such as the long-short interest-rate spread, are not significant. This evidence suggests that debt managers tend to prefer long to short maturity debt because they are concerned with the risk of refinancing at higher than expected interest rates. However, when long-term rates are high relative to their expectations, they issue short maturity debt to minimize borrowing costs. |
| 主题 | International Macroeconomics |
| 关键词 | Credibility Debt maturity Public debt management Stabilization |
| URL | https://cepr.org/publications/dp2714 |
| 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/531772 |
| 推荐引用方式 GB/T 7714 | Jaime de Melo,Tobias Müller,Jean-Marie Grether. DP2714 The Political Economy of International Migration in a Ricardo-Viner Model. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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