G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10469
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
URLhttps://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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