| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15832 |
| DP15832 Borrowing Costs after Sovereign Debt Relief | |
| David Mihalyi; Andrea Presbitero | |
| 发表日期 | 2021-02-21 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Can debt moratoria help countries weather negative shocks? We study the bond market effects of an official debt service suspension endorsed by the international community during the Covid-19 pandemic. Using daily data on sovereign bond spreads and synthetic control methods, we show that countries eligible for official debt relief experience a larger decline in borrowing costs compared to similar, ineligible countries. This decline is stronger for countries that receive a larger relief, suggesting that the effect works through liquidity provision. By contrast, the results do not support the concern that official debt relief could generate stigma on financial markets. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Debt relief Sovereign debt Developing countries Sovereign bond spreads Debt service suspension initiative |
| URL | https://cepr.org/publications/dp15832 |
| 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/544829 |
| 推荐引用方式 GB/T 7714 | David Mihalyi,Andrea Presbitero. DP15832 Borrowing Costs after Sovereign Debt Relief. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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