财政政策与主权违约的产出成本

Leyre Gómez-Oliveros Durán, Stefan Niemann, P. Pichler
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引用次数: 1

摘要

摘要本文将财政政策引入具有内生违约成本的主权债务模型,并考察其对违约产出成本确定的影响。我们发现,违约产出成本的数量属性,以及它们对劳动力供给弹性等原语的依赖,在不同的财政调整幅度下有明显不同。因此,考虑财政政策对主权债务和违约模型的数量属性具有潜在的重要意义。
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Fiscal policy and the output costs of sovereign default
Abstract We introduce fiscal policy into a sovereign debt model with endogenous default costs and examine the implications for the determination of the output costs of default. We find that the quantitative properties of the output costs of default, and their dependence on primitives such as the elasticity of labor supply, are distinctly different depending on the margin of fiscal adjustment. The consideration of fiscal policy thus has potentially important implications for the quantitative properties of models of sovereign debt and default.
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