| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8270 |
| DP8270 Endogenous debt crises | |
| Daniel Cohen; Sébastien Villemot | |
| 发表日期 | 2011-02-21 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We distinguish two types of debt crises: those that are the outcome of exogenous shocks (to productivity growth for instance) and those that are endogenously created, either by self-fulfilling panic in financial markets or by the reckless behavior of "Panglossian" borrowers. After Krugman, we characterize as "Panglossian" those borrowers who only focus on their best growth prospects, anticipating to default on their debt if hit by an adverse shock, rationally ignoring the risk of default. We apply these categories empirically to the data. We show that, taken together, endogenous crises are powerful explanations of debt crises, more important for instance than the sheer effect of growth on a country's solvency. |
| 主题 | International Macroeconomics |
| 关键词 | Self-fulfilling crises Sovereign debt |
| URL | https://cepr.org/publications/dp8270 |
| 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/537107 |
| 推荐引用方式 GB/T 7714 | Daniel Cohen,Sébastien Villemot. DP8270 Endogenous debt crises. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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