| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10315 |
| DP10315 Austerity | |
| Harris Dellas | |
| 发表日期 | 2014-12-21 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We shed light on the function, properties and optimal size of austerity using the standard sovereign model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment capacity. We find that austerity serves as a tool for securing a more favorable loan package; that it is associated with over-investment even when investment does not create collateral; and that low risk borrowers may favour more to less severe austerity. These findings imply that the amount of fresh funds obtained by a sovereign is not a reliable measure of austerity suffered; and that austerity may actually be associated with higher growth. Our analysis accommodates costly signalling for gaining credibility and also assigns a novel role to spending multipliers in the determination of optimal austerity. |
| 主题 | International Macroeconomics |
| 关键词 | Austerity Credit rationing Default Growth Incomplete information investment Pooling equilibrium Separating equilibrium |
| URL | https://cepr.org/publications/dp10315 |
| 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/539147 |
| 推荐引用方式 GB/T 7714 | Harris Dellas. DP10315 Austerity. 2014. |
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