| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9244 |
| DP9244 An Analysis of Eurobonds | |
| Roel Beetsma | |
| 发表日期 | 2012-12-02 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We analyse different forms of international debt mutualisation in a simple framework with a political distortion and (partial) default under adverse economic circumstances. One form is a debt repayment guarantee, which can be "unlimited" or "limited", i.e. only be invoked when the guarantee threshold is not exceeded. We also explore the "blue-red" bonds proposal, under which blue debt is guaranteed by the other countries in a union, while red debt is not guaranteed. Only a suitably chosen limited guarantee induces the government to reduce debt and raises social welfare. Making the guarantee also conditional on sufficient structural reform may stimulate reform effort. However, now a trade-off exists between extracting more reform and inducing the government to limit debt issuance. |
| 主题 | International Macroeconomics |
| 关键词 | Eurobonds Debt guarantee Blue and red bonds Debt bias Political distortions Social welfare Structural reform |
| URL | https://cepr.org/publications/dp9244 |
| 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/538079 |
| 推荐引用方式 GB/T 7714 | Roel Beetsma. DP9244 An Analysis of Eurobonds. 2012. |
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