| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12157 |
| DP12157 The Capital Structure of Nations | |
| Patrick Bolton; Haizhou Huang | |
| 发表日期 | 2017-07-18 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | When a nation can finance its investments via foreign-currency denominated debt or domestic-currency claims, what is the optimal capital structure of the nation? Building on the functions of fiat money as both medium of exchange, and store of value like corporate equity, our model connects monetary economics, fiscal theory and international finance under a unified corporate finance perspective. With frictionless capital markets both a Modigliani-Miller theorem for nations and the classical quantity theory of money hold. With capital market frictions, a nation's optimal capital structure trades off inflation dilution costs and expected default costs on foreign-currency debt. Our framing focuses on the process by which new money claims enter the economy and the potential wealth redistribution costs of inflation. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| URL | https://cepr.org/publications/dp12157 |
| 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/540969 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Haizhou Huang. DP12157 The Capital Structure of Nations. 2017. |
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