G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9860
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
URLhttps://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.
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