全球智库信息集成服务系统(G2TT): DP5421 Do Men and Women Economists Choose the Same Research Fields?: Evidence From Top 50 Departments

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP5421
	DP5421 Do Men and Women Economists Choose the Same Research Fields?: Evidence From Top 50 Departments
	Juan Dolado; Florentino Felgueroso; Miguel Almunia
发表日期	2005-12-16
出版年	2005
语种	英语
摘要	Market interest rates on sovereign debt issued by the 12 Eurozone national governments differ very little from each other, despite the credit ratings of these governments ranging from triple A to single A, and despite significant differences among their objective indicators of fiscal-financial sustainability. We argue that this market failure is at least in part due to a policy failure: the operational practices of the European Central Bank and the rest of the Eurosystem in its collateralised open market operations convey the message that the Eurosystem views the debt of the 12 Eurozone sovereigns as equivalent. The euro-denominated debt instruments of all twelve Eurozone governments are deemed to be eligible for use as collateral in collateralised lending by the Eurosystem. They are in addition allocated to the same (highest) liquidity category (Tier One, Category 1) as the debt instruments of the Eurosystem itself and subject to the lowest 'valuation haircut' (discount on the market value). Haircuts also increase with the remaining time to maturity. This discourages the use as collateral of longer maturity debt which would be more likely to reveal differences in sovereign default risk. We propose that the size of the haircut on each debt instrument be related inversely to its credit rating. A further re-enforcement of the market?s ability to penalise and constrain unsustainable budgetary policies would be to declare the sovereign debt of nations that violate the conditions of the Stability and Growth Pact to be ineligible as collateral in Eurosystem Repos.
主题	International Macroeconomics
关键词	Sovereign default risk Collateralised loans Eurosystem
URL	https://cepr.org/publications/dp5421
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/534275
推荐引用方式 GB/T 7714	Juan Dolado,Florentino Felgueroso,Miguel Almunia. DP5421 Do Men and Women Economists Choose the Same Research Fields?: Evidence From Top 50 Departments. 2005.