Zoekopdracht:
faculteit: "FEB" en publicatiejaar: "2012"
| Auteurs | R. Beetsma, K. Mavromatis | | Titel | An analysis of eurobonds |
| Uitgever | Centre for Economic Policy Research (CEPR) |
| Plaats | London |
| Jaar | 2012 |
| Pagina's | 36 |
| Serietitel | CEPR Discussion Paper Series |
| Serienummer | 9244 |
| Faculteit | Faculteit Economie en Bedrijfskunde |
| Instituut/afd. | FEB: Research Institute in Economics and Econometrics Amsterdam (RESAM) |
| Samenvatting | We analyse different forms of international debt mutualisation in a simple framework with a political distortion and (partial) default under adverse economic circumstances. One form is a debt repayment guarantee, which can be "unlimited" or "limited", i.e. only be invoked when the guarantee threshold is not exceeded. We also explore the "blue-red" bonds proposal, under which blue debt is guaranteed by the other countries in a union, while red debt is not guaranteed. Only a suitably chosen limited guarantee induces the government to reduce debt and raises social welfare. Making the guarantee also conditional on sufficient structural reform may stimulate reform effort. However, now a trade-off exists between extracting more reform and inducing the government to limit debt issuance. |
| Soort document | Rapport |
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