Results 11 to 20 of about 74,319 (47)
Fiscal Policy and the Government Balance Sheet in China
IMF Working Papers, 2023 In this paper, we present the most comprehensive estimates of China’s government balance sheet to date. Based on these estimates, we show how major shifts in fiscal policy over the last two decades have shaped the health of the public sector prior to the
Waikei Lam
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The Invisible Hand of the Government: 'Moral Suasion' During the European Sovereign Debt Crisis
American Economic Journal: Macroeconomics, 2016 Using proprietary data on banks’ monthly securities holdings, we show that during the European sovereign debt crisis, domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of domestic ...
S. Ongena, A. Popov, Neeltje van Horen
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Unconventional Monetary Policy, Funding Expectations, and Firm Decisions
Social Science Research Network, 2021 We study the transmission of (unconventional) monetary policy to the real sector when firm decisions depend on both current and future credit market conditions. For a given level of current credit access, investment and employment increases more at firms
Annalisa Ferrando +2 more
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Self-Fulfilling Debt Crises: A Quantitative Analysis
The American Economic Review, 2016 This paper investigates the role of self-fulfilling expectations in sovereign bond markets. We consider a model of sovereign borrowing featuring endogenous debt maturity, risk-averse lenders, and self-fulfilling crises à la Cole and Kehoe (2000). In this
Luigi Bocola, Alessandro Dovis
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When Interest Rates Go Low, Should Public Debt Go High?
Social Science Research Network, 2021 Is deficit finance free when real borrowing rates are routinely lower than growth rates? Specifically, can the government make all generations better off by perpetually taking from the young and giving to the old?
J. Brumm +3 more
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A Model of Safe Asset Determination
The American Economic Review, 2016 What makes an asset a “safe” asset? We study a model where two countries each issue sovereign bonds to satisfy investors’ safe asset demands. The countries differ in the float of their bonds and the fundamental resources available to rollover debts.
Zhiguo He +2 more
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The Commitment Benefit of Consols in Government Debt Management
American Economic Review: Insights, 2022 We consider optimal government debt maturity in a deterministic economy in which the government can issue any arbitrary debt maturity structure and in which bond prices are a function of the government’s current and future primary surpluses.
Davide Debortoli +2 more
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Bond Convenience Yields and Exchange Rate Dynamics
American Economic Journal: Macroeconomics, 2017 This paper proposes a new explanation for the failure of Uncovered Interest Parity (UIP) that rationalizes both the classic UIP puzzle and the evidence that the puzzle reverses direction at longer horizons.
Rosen Valchev
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American Economic Journal: Macroeconomics, 2018 Sovereign debt crises involve debt restructurings characterized by a mix of face value haircuts and maturity extensions. The prevalence of maturity extensions has been hard to reconcile with economic theory.
Maximiliano A. Dvorkin +3 more
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Debt-Stabilizing Properties of GDP-Linked Securities: A Macro-Finance Perspective
Social Science Research NetworkWe study the debt-stabilizing properties of indexing debt to GDP using a consumption-based macro-finance model. To this end, we derive quasi-analytical pricing formulas for any type of bond or equity by exploiting the discretization of the state-space ...
Sarah Mouabbi +2 more
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