全球智库信息集成服务系统(G2TT): The Capital Structure of Nations

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23612
来源ID	Working Paper 23612
	The Capital Structure of Nations
	Patrick Bolton; Haizhou Huang
发表日期	2017-07-24
出版年	2017
语种	英语
摘要	When a nation can finance its investments via foreign-currency denominated debt or domestic-currency claims, what is the optimal capital structure of the nation? Building on the functions of fiat money as both medium of exchange, and store of value like corporate equity, our model connects monetary economics, fiscal theory and international finance under a unified corporate finance perspective. With frictionless capital markets both a Modigliani-Miller theorem for nations and the classical quantity theory of money hold. With capital market frictions, a nation's optimal capital structure trades off inflation dilution costs and expected default costs on foreign-currency debt. Our framing focuses on the process by which new money claims enter the economy and the potential wealth redistribution costs of inflation.
主题	Macroeconomics ; Monetary Policy ; Fiscal Policy ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Corporate Finance
URL	https://www.nber.org/papers/w23612
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/581286
推荐引用方式 GB/T 7714	Patrick Bolton,Haizhou Huang. The Capital Structure of Nations. 2017.

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
w23612.pdf（331KB）	智库出版物		限制开放	CC BY-NC-SA	浏览