| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9860 |
| DP9860 Feeling the blues. Moral hazard and debt dilution in Eurobonds before 1914 | |
| Rui Ferreira da Costa Esteves | |
| 发表日期 | 2014-03-02 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Debt mutualisation through Eurobonds has been proposed as a solution to the Euro crisis. Although this proposal found some support, it also attracted strong criticisms as it risks raising the spreads for strong countries, diluting legacy debt and promoting moral hazard by weak countries. Because Eurobonds are a new addition to the policy toolkit, there are many untested hypotheses in the literature about the counterfactual behaviour of markets and sovereigns. This paper offers some tests of the issues by drawing from the closest historical parallel?five guaranteed bonds issued in Europe between 1833 and 1913. The empirical evidence suggests that contemporary concerns about fiscal transfers and debt dilution may be overblown, whilst creditors' moral hazard may be as much of a problem as debtors'. |
| 主题 | Economic History ; International Macroeconomics |
| 关键词 | Debt dilution Debt mutualisation Eurobonds Moral hazard Pre-1913 |
| URL | https://cepr.org/publications/dp9860 |
| 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/538694 |
| 推荐引用方式 GB/T 7714 | Rui Ferreira da Costa Esteves. DP9860 Feeling the blues. Moral hazard and debt dilution in Eurobonds before 1914. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Rui Ferreira da Costa Esteves]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Rui Ferreira da Costa Esteves]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Rui Ferreira da Costa Esteves]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
