货币错配与公共债务管理:发展中国家的有效策略是什么?

IF 1.2 2区 社会学 Q1 LAW Journal of Empirical Legal Studies Pub Date : 2022-02-04 DOI:10.18488/66.v9i1.2917
Scott Regifere Mouandat
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引用次数: 1

摘要

发展中国家经常面临债务问题,因为它们有过度负债的危险,特别是有严重的违约历史。在这种情况下,必须严格债务管理,保证债务稳定。但是,在以外币计价的负债和以本币计价的资产,即货币错配的环境下,这种管理是困难的。本文的目标是从部分均衡模型中确定在存在货币错配的情况下管理公共债务的有效策略。我们的结论是,在以外币计价的债务和以本币计价的债务之间进行仲裁更为可取。我们还发现,这种仲裁取决于融资条件,即国内利率和外债风险溢价。更确切地说,当政府的目标是尽量减少利息负担时,只要国内利率低于外债的风险溢价,就可以多发行本币债,少发行外币债。
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Currency Mismatches and Public Debt Management: What is Effective Strategy for Developing Country?
Developing countries are often confronted with debt problems because of the risks of over-indebtedness and especially the heavy default history. In such a context, debt management must be rigorous and guarantee a stable debt. However, such management is difficult in an environment marked by liabilities denominated in foreign currencies and assets denominated in domestic currencies, i.e., an environment of currency mismatches. The objective of this paper is then to determine, from a partial equilibrium model, an effective strategy for managing public debt in the presence of currency mismatches. We conclude that it is preferable to arbitrate between a debt denominated in foreign currency and a debt denominated in domestic currency. We also find that this arbitation depends on the financing conditions, i.e. the domestic interest rate and the risk premium on foreign debt. More precisely, when the government's objective is to minimize the interest burden, it is preferable to issue more local currency debt and less foreign currency debt, as long as the domestic interest rate is lower than the risk premium on foreign debt.
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来源期刊
CiteScore
2.30
自引率
11.80%
发文量
34
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