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Book
Year: 1971 Publisher: Opladen Westdeutscher Verlag
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Book
Year: 1971 Publisher: Giessen [s.n.]
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ISBN: 1463952155 1463977077 Year: 2012 Publisher: Washington, D.C. : International Monetary Fund,
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This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign risk channel" through which sovereign default risk raises funding costs in the private sector. If monetary policy is constrained, the sovereign risk channel exacerbates indeterminacy problems: private-sector beliefs of a weakening economy may become self-fulfilling. In addition, sovereign risk amplifies the effects of negative cyclical shocks. Under those conditions, fiscal retrenchment can help curtail the risk of macroeconomic instability and, in extreme cases, even stimulate economic activity.
Country risk --- Economic stabilization --- Fiscal policy --- Monetary policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Country risk, Political --- Political risk (Foreign investments) --- Risk --- Econometric models. --- Government policy --- Banks and Banking --- Investments: General --- Public Finance --- Business Fluctuations --- Cycles --- Monetary Policy --- Fiscal Policy --- Interest Rates: Determination, Term Structure, and Effects --- Investment --- Capital --- Intangible Capital --- Capacity --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- Public finance & taxation --- Finance --- Macroeconomics --- Zero lower bound --- Return on investment --- Expenditure --- Public debt --- Real interest rates --- Financial services --- National accounts --- Interest rates --- Saving and investment --- Expenditures, Public --- Debts, Public --- United States
Book
ISBN: 1475514107 1475516800 1475513739 Year: 2013 Volume: WP/13/227 Publisher: Washington, D.C. : International Monetary Fund,
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Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region and strongly procyclical fiscal policy at the aggregate level exacerbates the risk of belief-driven deflationary downturns. The model provides an argument in favor of coordinated, asymmetric fiscal stances as a way to prevent selffulfilling debt crises.
Monetary unions --- Debts, External --- European currency unit. --- ECU (Unit of account) --- Money --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Investments: General --- Macroeconomics --- Public Finance --- Fiscal Policy --- Open Economy Macroeconomics --- International Policy Coordination and Transmission --- National Government Expenditures and Related Policies: General --- Debt Management --- Sovereign Debt --- Investment --- Capital --- Intangible Capital --- Capacity --- Public finance & taxation --- Expenditure --- Public debt --- Fiscal policy --- Fiscal stance --- Return on investment --- National accounts --- Expenditures, Public --- Debts, Public --- Saving and investment --- France
Book
Year: 2012 Publisher: London Centre For Economic Policy Research
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