| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10469 |
| DP10469 International Debt Deleveraging | |
| Luca Fornero | |
| 发表日期 | 2015-03-08 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper provides a framework to understand debt deleveraging in a group of financially integrated countries. During an episode of international deleveraging, world consumption demand is depressed and the world interest rate is low, reflecting a high propensity to save. If exchange rates are allowed to float, deleveraging countries can rely on depreciations to increase production and mitigate the fall in consumption associated with debt reduction. The key insight of the paper is that in a monetary union this channel of adjustment is shut off, because deleveraging countries cannot depreciate against the other countries in the monetary union, and therefore the fall in the demand for consumption and the downward pressure on the interest rate are amplified. Hence, deleveraging can easily push a monetary union against the zero lower bound and into a recession. |
| 主题 | International Macroeconomics |
| 关键词 | Debt deflation Global debt deleveraging Liquidity trap Monetary union Precautionary savings Sudden stops |
| URL | https://cepr.org/publications/dp10469 |
| 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/539301 |
| 推荐引用方式 GB/T 7714 | Luca Fornero. DP10469 International Debt Deleveraging. 2015. |
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