| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14010 |
| DP14010 Public Debt Sustainability | |
| Xavier Debrun; Jonathan D. Ostry; Tim Willems; Charles Wyplosz | |
| 发表日期 | 2019-09-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Why can Japan sustain debts above 200 percent of GDP, while Ukraine defaulted on its debt when it was 30 percent of GDP? Answering that question is challenging. First, debt sustainability does not easily translate into operational concepts and indicators. Second, servicing the debt is a strategic decision, the result of a cost-benefit analysis. Thus markets can always, for good or bad reasons, question governments’ commitment to face their financial obligations. Third, uncertainty around public debt developments is large and difficult to model. Fourth, not all debts are born equal, as the currency composition, maturity structure, type of creditor and ownership of the debt affect exposure to rollover and liquidity risks. The paper surveys the knowns and unknowns of debt sustainability, including the tools helping us to understand vulnerabilities and to inform our judgment. Instead of embarking on the impossible mission to build a holistic, consistent and broadly-accepted debt-sustainability framework for practitioners, we take the more modest approach to review some of the key economic principles and statistical methods that form today’s leading practice in debt sustainability assessments. |
| 主题 | International Macroeconomics and Finance ; Public Economics |
| 关键词 | Debt sustainability analysis Willingness to pay Default |
| URL | https://cepr.org/publications/dp14010 |
| 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/542892 |
| 推荐引用方式 GB/T 7714 | Xavier Debrun,Jonathan D. Ostry,Tim Willems,et al. DP14010 Public Debt Sustainability. 2019. |
| 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。
