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Fiscal Rules and the Sovereign Default Premium
Juan Carlos HatchondoMr.Leonardo MartinezMr.Francisco Roch
出版International Monetary Fund, 2012-01-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Public FinanceBusiness & Economics / Finance / Financial Risk Management
ISBN14639488759781463948870
URLhttp://books.google.com.hk/books?id=gAY3uESoC_kC&hl=&source=gbs_api
EBookSAMPLE
註釋This paper finds optimal fiscal rule parameter values and measures the effects of imposing fiscal rules using a default model calibrated to an economy that in the absence of a fiscal rule pays a significant sovereign default premium. The paper also studies the case in which the government conducts a voluntary debt restructuring to capture the capital gains from the increase in its debt market value implied by a rule announcement. In addition, the paper shows how debt ceilings may reduce the procyclicality of fiscal policy and thus consumption volatility.