全球智库信息集成服务系统(G2TT): Endogenous Creditor Seniority and External Debt Values

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w4172
来源ID	Working Paper 4172
	Endogenous Creditor Seniority and External Debt Values
	Michael Dooley; Mark R. Stone
发表日期	1992-09-01
出版年	1992
语种	英语
摘要	A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of domestic debt at the expense of foreign bank debt during the late 1980s. We argue that this was the revenue maximizing response of governments to internal and external capital flight that drained the domestic financial "tax base" subject to indirect taxation. Empirical analysis indicates that the profile of the sources of fiscal financing influenced external debt values. The econometric analysis also implies that previous studies have neglected an important reason for the decline in loan values from 1985 to 1989: the increase in international interest rates.
主题	Macroeconomics ; Fiscal Policy ; International Economics ; International Finance
URL	https://www.nber.org/papers/w4172
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/561526
推荐引用方式 GB/T 7714	Michael Dooley,Mark R. Stone. Endogenous Creditor Seniority and External Debt Values. 1992.