| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24108 |
| 来源ID | Working Paper 24108 |
| The Costs of (sub)Sovereign Default Risk: Evidence from Puerto Rico | |
| Anusha Chari; Ryan Leary; Toan Phan | |
| 发表日期 | 2017-12-11 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Puerto Rico’s unique characteristics as a U.S. territory allow us to examine the channels through which (sub)sovereign default risk can have real effects on the macroeconomy. Post-2012, during the period of increased default probabilities, the cointegrating relationship between real activity in Puerto Rico and the U.S. mainland breaks down and Puerto Rico spirals into a significant decline. We exploit the cross-industry variation in default risk exposure to identify the impact of changes in default risk on employment. The evidence suggests that there are significantly higher employment growth declines in government demand and external finance dependent industries. An additional real effect of default anticipation is that heightened default risk Granger causes Puerto Rico’s austerity measures. An event study analysis using government bond yields and stock returns confirms that news of increased default risk increases the cost of capital for the Puerto Rican government and for publicly traded Puerto Rican firms. |
| 主题 | International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Markets ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w24108 |
| 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/581780 |
| 推荐引用方式 GB/T 7714 | Anusha Chari,Ryan Leary,Toan Phan. The Costs of (sub)Sovereign Default Risk: Evidence from Puerto Rico. 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 | ||
| w24108.pdf（706KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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