| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6722 |
| DP6722 The Role of Labour Market Changes in the Slowdown of European Productivity Growth | |
| Robert J. Gordon; Ian Dew-Becker | |
| 发表日期 | 2008-02-29 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We distinguish two attitudes towards debt. The attitude of prudent borrowers, which attempt to stabilize their debts to low levels, even in the event of a bad shock, and what we call, after Krugman, "Panglossian" borrowers, which only focus on the best of their growth prospects, and rationally anticipate to default on their debt when hit by a bad shock. We show empirically that this distinction is consistent with the data. Past a threshold of risk which, we show, corresponds to a spread of about 450 basis points, countries fail to respond to bad shocks and let their risk drift accordingly. We also distinguish two types of debt crises. Those which are the effect of an exogenous shock, and those which are self-fulfillingly created by the financial markets themselves. We show that the large majority of crises are of the first kind, although the probability of self-fulfilling cases is not negligible. |
| 主题 | International Macroeconomics |
| 关键词 | Self-fulfilling crises Sovereign debt |
| URL | https://cepr.org/publications/dp6722 |
| 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/535559 |
| 推荐引用方式 GB/T 7714 | Robert J. Gordon,Ian Dew-Becker. DP6722 The Role of Labour Market Changes in the Slowdown of European Productivity Growth. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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