| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25031 |
| 来源ID | Working Paper 25031 |
| Rare Disasters, Financial Development, and Sovereign Debt | |
| Sergio Rebelo; Neng Wang; Jinqiang Yang | |
| 发表日期 | 2018-09-17 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We propose a model of sovereign debt in which countries vary in their level of financial development, defined as the extent to which they can issue debt denominated in domestic currency in international capital markets. We show that low levels of financial development generate the “debt intolerance” phenomenon that plagues emerging markets: it reduces overall debt capacity, increases credit spreads, and limits the country's ability to smooth consumption. |
| 主题 | Financial Economics ; Financial Markets ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w25031 |
| 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/582705 |
| 推荐引用方式 GB/T 7714 | Sergio Rebelo,Neng Wang,Jinqiang Yang. Rare Disasters, Financial Development, and Sovereign Debt. 2018. |
| 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 | ||
| w25031.pdf（567KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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