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Confidence Crises and Public Debt Management

Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1989

Under free capital mobility, confidence crises can lead to devaluations even when fixed exchange rates are viable, if fiscal authorities can obtain temporary money financing of deficits. During a crisis domestic interest rates increase, reflecting the expected devaluation. Rather than selling...

Persistent link: https://www.econbiz.de/10005791449

Competition and Firm Performance in Transition Economies: Evidence from Firm Level Surveys in Slovenia, Hungary and Romania

Konings, Jozef - C.E.P.R. Discussion Papers - 1997

countries, Hungary, Romania and Slovenia. The data are based on interviews taken in more than 300 state-owned, privatized and … pressure has a positive impact on firm performance in Hungary and Slovenia, but not in Romania, while in Romenia short … (being state-owned and privatized enterprises) tend to perform worse than newly-established firms in Hungary and Slovenia. In …

Persistent link: https://www.econbiz.de/10005498145

Long Term Debt and the Political Support of a Monetary Union

Uhlig, Harald - C.E.P.R. Discussion Papers - 1997

This paper examines the role of long-term debt in political support for a monetary union or, more generally, an inflation-reduction policy. The central idea is that the decision on membership of the union leads to a redistribution between debtors and creditors, if they are holding long-term debt...

Persistent link: https://www.econbiz.de/10005123670

Fiscal Insurance and Debt Management in OECD Economies

Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2007

Assuming the role of debt management is to provide hedging against fiscal shocks we consider three questions: i) what indicators can be used to assess the performance of debt management? ii) how well have historical debt management policies performed? and iii) how is that performance affected by...

Persistent link: https://www.econbiz.de/10005136566

In Search of a Theory of Debt Management

Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2008

A growing literature integrates theories of debt management into models of optimal fiscal policy. One promising theory argues that the composition of government debt should be chosen so that fluctuations in the market value of debt offset changes in expected future deficits. This complete market...

Persistent link: https://www.econbiz.de/10005136601

Government Debt Management: The Long and the Short of It

Faraglia, Elisa; Marcet, Albert; Oikonomou, Rigas; … - C.E.P.R. Discussion Papers - 2014

Our aim is to provide insights into some basic facts of US government debt management by introducing simple financial frictions in a Ramsey model of fiscal policy. We find that the share of short bonds in total U.S. debt is large, persistent, and highly correlated with total debt. A well known...

Persistent link: https://www.econbiz.de/10011096106

Modelling Long Bonds - The Case of Optimal Fiscal Policy

Faraglia, Elisa; Marcet, Albert; Scott, Andrew - C.E.P.R. Discussion Papers - 2014

We show how to model portfolio models in the presence of long bonds. Specifically we study optimal fiscal policy under incomplete markets where the government issues bonds of maturity N 1. Assuming the existence of long bonds introduces an additional intertemporal mechanism that makes taxes...

Persistent link: https://www.econbiz.de/10011083295

Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt

Guibaud, Stéphane; Nosbusch, Yves; Vayanos, Dimitri - C.E.P.R. Discussion Papers - 2013

We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are generations of agents at different lifecycle stages in an overlapping-generations economy. An optimal maturity structure exists in the absence of distortionary taxes and...

Persistent link: https://www.econbiz.de/10011083839

Harnessing Windfall Revenues in Developing Economies: Sovereign Wealth Funds and Optimal Tradeoffs Between Citizen Dividends, Public Infrastructure and Debt Reduction

van der Ploeg, Frederick; Venables, Anthony J - C.E.P.R. Discussion Papers - 2008

A windfall of foreign aid or natural resource revenue faces government with choices of how to manage public borrowing, public asset accumulation, and the distribution of funds to households (across time and household types), particularly when the windfall is both anticipated and temporary. These...

Persistent link: https://www.econbiz.de/10005656389

How Large Are the Effects of Tax Changes?

Favero, Carlo A.; Giavazzi, Francesco - C.E.P.R. Discussion Papers - 2009

We use the time series of shifts in U.S. Federal tax liabilities constructed by Romer and Romer to estimate tax multipliers. Differently from the single-equation approach adopted by Romer and Romer, our estimation strategy (a Var that includes output, government spending and revenues, inflation...

Persistent link: https://www.econbiz.de/10005082536