| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21694 |
| 来源ID | Working Paper 21694 |
| The U.S. Debt Restructuring of 1933: Consequences and Lessons | |
| Sebastian Edwards; Francis A. Longstaff; Alvaro Garcia Marin | |
| 发表日期 | 2015-11-09 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | In 1933, the U.S. unilaterally restructured its debt by declaring that it would no longer honor the gold clause in Treasury securities. We study the effects of the abrogation of the gold clause on sovereign debt markets, the Treasury's ability to issue new debt, investors' willingness to hold Treasury bonds, and on the Treasury's borrowing costs. We find that the restructuring was followed by a flight to quality in the sovereign market. Despite this, there was little effect on the Treasury's ability to sell new debt or the willingness of investors to roll over restructured debt. The Treasury incurred a marginally higher cost of capital by issuing new bonds without the gold clause. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Fiscal Policy |
| URL | https://www.nber.org/papers/w21694 |
| 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/579369 |
| 推荐引用方式 GB/T 7714 | Sebastian Edwards,Francis A. Longstaff,Alvaro Garcia Marin. The U.S. Debt Restructuring of 1933: Consequences and Lessons. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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