G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4261
DP4261 Competition of Politicians for Wages and Office
Hans Gersbach
发表日期2004-02-23
出版年2004
语种英语
摘要If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which then becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the ?good equilibrium? over the ?bad equilibrium?. We see here a fundamental flaw in the process of market discipline. We propose a policy intervention to deal with this structural weakness in the mechanisms of international capital flows. This is based on a simple taxonomy that enables us to break down the origin of crises into three components: a crisis of confidence (spreads and currency crisis), a crisis of fundamentals (real growth rate), and a crisis of economic policy (primary deficit). The policy would seek to short-circuit confidence crises, partly by using IMF support to improve ex ante incentives.
主题International Macroeconomics
关键词Market discipline Sovereign debt Country spreads Financial crises
URLhttps://cepr.org/publications/dp4261
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/533227
推荐引用方式
GB/T 7714
Hans Gersbach. DP4261 Competition of Politicians for Wages and Office. 2004.
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