GDP-Linked Bonds and Sovereign Default

Using a calibrated model of endogenous sovereign default, we explore how GDP-linked bonds can raise the maximum sustainable debt level of a government, and substantially reduce the incidence of default. The model explores both the costs (in particular the GDP risk premium) and the benefits of issuing GDP-linked bonds. It concludes that significant welfare gains can be achieved by indexing debt to GDP

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Year of publication:	2014
Authors:	Barr, David
Other Persons:	Bush, Oliver (contributor) ; Pienkowski, Alex (contributor)
Publisher:	[2014]: [S.l.] : SSRN
Subject:	Öffentliche Schulden \| Public debt \| Anleihe \| Bond \| Bruttoinlandsprodukt \| Gross domestic product \| Haushaltskonsolidierung \| Fiscal consolidation \| Öffentliche Anleihe \| Public bond

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Extent:	1 Online-Ressource (40 p)
Series:	Bank of England Working Paper ; No. 484
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 31, 2014 erstellt
Other identifiers:	10.2139/ssrn.2388768 [DOI]
Classification:	e95 ; g16 ; H63 - Debt; Debt Management
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013059722