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Author : R. Giordano
Release : 2001
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Optimal Debt Maturity EMU by : R. Giordano
Download or read book Optimal Debt Maturity EMU written by R. Giordano. This book was released on 2001. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Raffaela Giordano
Release : 2001
Genre : Budget deficits
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Optimal Debt Maturity Under EMU by : Raffaela Giordano
Download or read book Optimal Debt Maturity Under EMU written by Raffaela Giordano. This book was released on 2001. Available in PDF, EPUB and Kindle. Book excerpt:
Author : A. Brunila
Release : 2001-09-20
Genre : Business & Economics
Kind : eBook
Book Rating : 261/5 ( reviews)
Book Synopsis The Stability and Growth Pact by : A. Brunila
Download or read book The Stability and Growth Pact written by A. Brunila. This book was released on 2001-09-20. Available in PDF, EPUB and Kindle. Book excerpt: The Stability and Growth Pact (SGP) encompasses the legislative text and political resolutions regulating fiscal policy and public finances in EMU. The contributions in this volume analyse the institutional, legal, theoretical and empirical aspects of the SGP, examine its development and evaluate its main implications. The authors include academic economists, who provide insightful analysis, and policy makers who have contributed to the shaping of the pact and have a direct responsibility for its implementation. This book is the definitive source of reference on the SGP for academics, policy makes and economists.
Author : Gabriel Desgranges
Release : 2014-09-12
Genre : Business & Economics
Kind : eBook
Book Rating : 436/5 ( reviews)
Book Synopsis Optimal Maturity Structure of Sovereign Debt in Situation of Near Default by : Gabriel Desgranges
Download or read book Optimal Maturity Structure of Sovereign Debt in Situation of Near Default written by Gabriel Desgranges. This book was released on 2014-09-12. Available in PDF, EPUB and Kindle. Book excerpt: We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a debt crisis in case a large initial issuance of long term debt is followed by a sequence of negative macro shocks. Prior uncertainty about future fundamentals is then a source of default through its effect on long term interest rates and the optimal debt issuance. Intuitively, the Sovereign chooses a portfolio implying a risk of default because this risk generates a correlation between the future value of long term debt and future fundamentals. Long term debt serves as a hedging instrument against the risk on fundamentals. When expected fundamentals are high, the Sovereign issues a large amount of long term debt, the expected default probability increases, and so does the long term interest rate.
Author : Alessandro Missale
Release : 2004
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Optimal Debt Management with a Stability and Growth Pact by : Alessandro Missale
Download or read book Optimal Debt Management with a Stability and Growth Pact written by Alessandro Missale. This book was released on 2004. Available in PDF, EPUB and Kindle. Book excerpt: The Stability and Growth Pact introduces deficit stabilization as a new interesting objective of debt management. The interest payments on public debt may serve as an important buffer against the budget consequences of cyclical downturns and unexpected deflation. The optimal debt composition depends on the correlations between interest rates, output and inflation. Estimated correlations for the period 1960-1988 and the implied debt compositions provide benchmarks for implications regarding the EMU. The paper explores how relevant correlations between output, inflation and interest rates may have changed with the shift in the monetary policy regime and thus how the debt composition, which stabilizes the dificit, has changed. A longer maturity structure of conventional debt is optimal if the ECB places a lower weight on output stabilization then the national monetary authorities and if EMU member states are hit by asymmetric shocks. Short term conventional debt should instead be issued by countries which experience a relatively higher output and inflation uncertainty and a lower sensitivity of aggregate demand to interest-rate changes. The optimal share of inflation indexed debt is largest in a strict inflation targeting regime; the lower the weight that the ECB assigns to output stabilization, the more attractive is inflation indexation for deficit stabilization.
