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Government Debt Management and Inflation with Real and Nominal Bonds
Schmid, Lukas; Valaitis, Vytautas; Villa, Alessandro - 2022
In the wake of rising inflation in the aftermath of unprecedented debt financed stimulus packages, we ask: Can … governments use real bonds (TIPS) as part of their debt portfolio to commit to stable inflation rates? We propose a novel … and real assets to use inflation effectively to smooth fiscal policy. When the government cannot commit to future policies …
Persistent link: https://www.econbiz.de/10014030562
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Taming Debt : Can GDP-Linked Bonds do the Trick?
Mouabbi, Sarah - 2020
results stand out: (i) GDP-linked bond prices would embed sizeable and time-varying risk premiums of about 40 basis points …
Persistent link: https://www.econbiz.de/10012835206
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Who lends to Africa and how? : introducing the Africa debt database
Mihalyi, David; Trebesch, Christoph - 2022
debt boom was mainly driven by large sovereign bond issuances in London and New York, as well as growing lending by Chinese …
Persistent link: https://www.econbiz.de/10013171559
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Monetary Policy and Sovereign Debt Vulnerability
Nuño, Galo - 2015
. Inflation reduces the real value of outstanding debt, thus making it more sustainable; but it also raises nominal yields and …
Persistent link: https://www.econbiz.de/10013020501
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Illiquidity in Sovereign Debt Markets
Passadore, Juan; Xu, Yu - 2020
We study sovereign debt and default policies when credit and liquidity risk are jointly determined. To account for both types of risks we focus on an economy with incomplete markets, limited commitment, and search frictions in the secondary market for sovereign bonds. We quantify the effect of...
Persistent link: https://www.econbiz.de/10014352370
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Debt Management and Optimal Fiscal Policy with Long Bonds
Faraglia, Elisa - 2013
We study Ramsey optimal fiscal policy under incomplete markets in the case where the government issues only long bonds of maturity N 1. We find that many features of optimal policy are sensitive to the introduction of long bonds, in particular tax variability and the long-run behaviour of debt....
Persistent link: https://www.econbiz.de/10013090818
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Fiscal policy and the nominal term premium
Horváth, Roman; Kaszab, Lorant; Marsal, Ales - 2019
We estimate a New Keynesian model on post-war US data with generalised method of moments using either constant or time- varying debt and labor income taxes. We show that accounting for government debt and distortionary taxes help the New Keynesian model match the level of the nominal term...
Persistent link: https://www.econbiz.de/10012060902
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The Impact of Debt Sustainability and the Level of Debt on Emerging Markets Spreads
Belhocine, Nazim - 2013
How do financial markets respond to concerns over debt sustainability and the level of public debt in emerging markets? We introduce a measure of debt sustainability – the difference between the debt stabilizing primary balance and the primary balance – in an otherwise standard spread...
Persistent link: https://www.econbiz.de/10013080852
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Sovereign Uncertainty
Silgado-Gómez, Edgar - 2020
This paper investigates the transmission of uncertainty about the state of government finances on economic activity. I first employ a data-rich approach to extract a novel proxy that captures uncertainty surrounding the public finances of the Spanish economy, to which I refer as sovereign...
Persistent link: https://www.econbiz.de/10012846834
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Bond Exchange Offers or Collective Action Clauses?
Hege, Ulrich - 2020
(favored under U.S. law), and collective action clauses that allow to alter core bond terms after a majority vote (favored …
Persistent link: https://www.econbiz.de/10012849025