| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10459 |
| DP10459 Sovereign Debt, Bail-Outs and Contagion in a Monetary Union | |
| Sylvester Eijffinger; Burak Uras; Michal Kobielarz | |
| 发表日期 | 2015-03-01 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The European sovereign debt crisis is characterized by the simultaneous surge in borrowing costs in the GIPS countries after 2008. We present a theory, which can account for the behavior of sovereign bond spreads in Southern Europe between 1998 and 2012. Our key theoretical argument is related to the bail-out guarantee provided by a monetary union, which endogenously varies with the number of member countries in sovereign debt trouble. We incorporate this theoretical foundation in an otherwise standard small open economy DSGE model and explain (i) the convergence of interest rates on sovereign bonds following the European monetary integration in late 1990s, and (ii) - following the heightened default risk of Greece - the sudden surge in interest rates in countries with relatively sound economic and financial fundamentals. We calibrate the model to match the behavior of the Portuguese economy over the period of 1998 to 2012. |
| 主题 | International Macroeconomics |
| 关键词 | Sovereign debt crisis Contagion Bail-out Interest rate spreads |
| URL | https://cepr.org/publications/dp10459 |
| 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/539291 |
| 推荐引用方式 GB/T 7714 | Sylvester Eijffinger,Burak Uras,Michal Kobielarz. DP10459 Sovereign Debt, Bail-Outs and Contagion in a Monetary Union. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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。
