| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22592 |
| 来源ID | Working Paper 22592 |
| Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy | |
| Wenxin Du; Carolin E. Pflueger; Jesse Schreger | |
| 发表日期 | 2016-09-01 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We document that governments whose local currency debt provides them with greater hedging benefits actually borrow more in foreign currency. We introduce two features into a government's debt portfolio choice problem to explain this finding: risk-averse lenders and lack of monetary policy commitment. A government without commitment chooses excessively counter-cyclical inflation ex post, which leads risk-averse lenders to require a risk premium ex ante. This makes local currency debt too expensive from the government's perspective and thereby discourages the government from borrowing in its own currency. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w22592 |
| 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/580266 |
| 推荐引用方式 GB/T 7714 | Wenxin Du,Carolin E. Pflueger,Jesse Schreger. Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy. 2016. |
| 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 | ||
| w22592.pdf（7990KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
