| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16782 |
| 来源ID | Working Paper 16782 |
| Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies | |
| Atish R. Ghosh; Jun I. Kim; Enrique G. Mendoza; Jonathan D. Ostry; Mahvash S. Qureshi | |
| 发表日期 | 2011-02-10 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | How high can public debt rise without compromising fiscal solvency? We answer this question using a stochastic ability-to-pay model of sovereign default in which risk-neutral investors lend to a government that displays "fiscal fatigue," because its ability to increase primary balances cannot keep pace with rising debt. As a result, the government faces an endogenous debt limit beyond which debt cannot be rolled-over. Using data for 23 advanced economies over 1970-2007, we find evidence of a fiscal reaction function with these features, and use it to compute "fiscal space," defined as the difference between projected debt ratios and debt limits. |
| 主题 | Macroeconomics ; Fiscal Policy ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w16782 |
| 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/574457 |
| 推荐引用方式 GB/T 7714 | Atish R. Ghosh,Jun I. Kim,Enrique G. Mendoza,et al. Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies. 2011. |
| 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 | ||
| w16782.pdf（504KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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