| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4603 |
| DP4603 Estimating the Return to Training and Occupational Experience: The Case of Female Immigrants | |
| Zvi Eckstein; Sarit Cohen-Goldner | |
| 发表日期 | 2004-09-23 |
| 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). Theory then suggests a set of circumstances in which a lender of first resort would be desirable. The policy would seek to short-circuit confidence crises, partly by using IMF support to improve ex ante incentives. Theory also illuminates the potential role of collective action clauses (CACs) in eliminating the risk of self-fulfilling debt crises. |
| 主题 | International Macroeconomics |
| 关键词 | Market discipline Sovereign debt Country spreads Financial crises |
| URL | https://cepr.org/publications/dp4603 |
| 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/533524 |
| 推荐引用方式 GB/T 7714 | Zvi Eckstein,Sarit Cohen-Goldner. DP4603 Estimating the Return to Training and Occupational Experience: The Case of Female Immigrants. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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