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来源类型Working Paper
规范类型报告
DOI10.3386/w21456
来源IDWorking Paper 21456
External and Public Debt Crises
Cristina Arellano; Andrew Atkeson; Mark Wright
发表日期2015-08-17
出版年2015
语种英语
摘要The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state government indebtedness was low, and the crisis had no spillovers to the private sector. We show theoretically and empirically that these different debt experiences result from the interplay between differences in the ability of governments to interfere in private external debt contracts and differences in the flexibility of state fiscal institutions.
主题International Economics ; International Finance ; Public Economics ; Subnational Fiscal Issues ; Other ; Law and Economics
URLhttps://www.nber.org/papers/w21456
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/579131
推荐引用方式
GB/T 7714
Cristina Arellano,Andrew Atkeson,Mark Wright. External and Public Debt Crises. 2015.
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