| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19098 |
| 来源ID | Working Paper 19098 |
| Debt Redemption and Reserve Accumulation | |
| Laura Alfaro; Fabio Kanczuk | |
| 发表日期 | 2013-06-06 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | In the past decade, foreign participation in local-currency bond markets in emerging countries has increased dramatically. We revisit sovereign debt sustainability under the assumptions that countries can borrow internationally using their own currencies and accumulate reserves. As opposed to traditional sovereign-debt models, asset-valuation effects occasioned by currency fluctuations act to absorb global shocks and smooth consumption. Countries do not accumulate reserves to be depleted in “bad” times. Instead, issuing domestic debt while accumulating reserves acts as a hedge against external shocks. A quantitative exercise of the Brazilian economy suggests this strategy to be effective for smoothing consumption and reducing the occurrence of default. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w19098 |
| 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/576773 |
| 推荐引用方式 GB/T 7714 | Laura Alfaro,Fabio Kanczuk. Debt Redemption and Reserve Accumulation. 2013. |
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