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Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads
Juan Carlos HatchondoMr. Leonardo MartinezMr. Francisco Roch
出版International Monetary Fund, 2021-07-23
主題Business & Economics / Finance / Financial Risk ManagementBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / General
ISBN15135846429781513584645
URLhttp://books.google.com.hk/books?id=0PM_EAAAQBAJ&hl=&source=gbs_api
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註釋We study gains from introducing a common numerical fiscal rule in a “Union” of model economies facing sovereign default risk. We show that among economies in the Union, there is significant disagreement about the common debt limit the Union should implement: the limit preferred by some economies can generate welfare losses in other economies. In contrast, a common sovereign spread limit results in higher welfare across economies in the Union.