| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13861 |
| 来源ID | Working Paper 13861 |
| A Solution to the Disconnect between Country Risk and Business Cycle Theories | |
| Enrique G. Mendoza; Vivian Z. Yue | |
| 发表日期 | 2008-03-12 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We propose a model that solves the crucial disconnect between business cycle models that treat default risk as an exogenous interest rate on working capital, and sovereign default models that treat output fluctuations as an exogenous process with ad-hoc default costs. The model explains observed output dynamics around defaults, countercyclical spreads, high debt ratios, and key business cycle moments. Three features of the model are central for these results: working capital loans pay for imported inputs; default triggers an efficiency loss as imported inputs are replaced by imperfect domestic substitutes; and default on public and private foreign obligations occurs simultaneously. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w13861 |
| 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/571535 |
| 推荐引用方式 GB/T 7714 | Enrique G. Mendoza,Vivian Z. Yue. A Solution to the Disconnect between Country Risk and Business Cycle Theories. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13861.pdf（447KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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