| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16817 |
| DP16817 Sovereign Debt Sustainability and Central Bank Credibility | |
| Tim Willems; Jeromin Zettelmeyer | |
| 发表日期 | 2021-12-18 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates. First, the shift from an “accounting based” view of debt sustainability, evaluated using government borrowing rates, to a “model based” view which uses stochastic discount rates. Second, empirical tests focusing on the relationship between primary balances to debt. Third, debt sustainability in the presence of rollover risk. And fourth, whether government borrowing costs below rates of growth (“r < g”) generate a “free lunch” in the sense that debt sustainability does not require future primary surpluses. We argue that liquidity services provided by sovereign debt may indeed lead to a “free lunch”, albeit of limited size. The value of such services depends on the credibility of the central bank, which can be accumulated via prudent policies and subsequently drawn on to allow for looser fiscal policy. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Sovereign debt Debt sustainability Fiscal policy Debt crises Fiscal-monetary interactions Central bank credibility |
| URL | https://cepr.org/publications/dp16817 |
| 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/545743 |
| 推荐引用方式 GB/T 7714 | Tim Willems,Jeromin Zettelmeyer. DP16817 Sovereign Debt Sustainability and Central Bank Credibility. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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