Fiscal Rules and the Sovereign Default Premium

Released on by Juan Carlos Hatchondo
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  • Fiscal Rules and the Sovereign Default Premium Book Detail

  • Author : Juan Carlos Hatchondo
  • Release Date : 2012-01-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 28
  • ISBN 13 : 1463933150
  • File Size : 2,2 MB
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Fiscal Rules and the Sovereign Default Premium by Juan Carlos Hatchondo PDF Summary

Book Description: This paper finds optimal fiscal rule parameter values and measures the effects of imposing fiscal rules using a default model calibrated to an economy that in the absence of a fiscal rule pays a significant sovereign default premium. The paper also studies the case in which the government conducts a voluntary debt restructuring to capture the capital gains from the increase in its debt market value implied by a rule announcement. In addition, the paper shows how debt ceilings may reduce the procyclicality of fiscal policy and thus consumption volatility.

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