| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16837 |
| DP16837 Fear of Hiking? Monetary Policy and Sovereign Risk | |
| Martin Wolf; Leopold Zessner-Spitzenberg | |
| 发表日期 | 2021-12-26 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | What are the implications of a monetary tightening in a currency union for sovereign default risk in a union member? We study this question in a quantitative sovereign default model and obtain two results. First, a monetary tightening reduces default risk in the union member when its debt/GDP ratio is below a critical threshold, driven by increased incentives to reduce the level of debt. Second, the monetary tightening increases default risk when debt/GDP is above the critical threshold. We quantify this "Fear of Hiking" zone and study its policy implications by applying our model to the euro area. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Sovereign debt Sovereign default Spreads Currency union Monetary fiscal interaction |
| URL | https://cepr.org/publications/dp16837-1 |
| 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/545762 |
| 推荐引用方式 GB/T 7714 | Martin Wolf,Leopold Zessner-Spitzenberg. DP16837 Fear of Hiking? Monetary Policy and Sovereign Risk. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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