Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out
In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and, surprisingly, so...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 13/270 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two key ingredients: creditor discrimination and crowding-out effects. Creditor discrimination arises because, in turbulent times, sovereign debt offers a higher expected return to domestic creditors than to foreign ones. This provides incentives for domestic purchases of debt. Crowding-out effects arise because private borrowing is limited by financial frictions. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce growth and welfare, and may lead to self-fulfilling crises. It also shows how crowding-out effects can be transmitted to other countries in the Eurozone, and how they may be addressed by policies at the European level |
| Beschreibung: | 1 Online-Ressource (63 p) |
| ISBN: | 1484335961 9781484335963 |
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| 520 | 3 | |a In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two key ingredients: creditor discrimination and crowding-out effects. Creditor discrimination arises because, in turbulent times, sovereign debt offers a higher expected return to domestic creditors than to foreign ones. This provides incentives for domestic purchases of debt. Crowding-out effects arise because private borrowing is limited by financial frictions. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce growth and welfare, and may lead to self-fulfilling crises. It also shows how crowding-out effects can be transmitted to other countries in the Eurozone, and how they may be addressed by policies at the European level | |
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| index_date | 2024-07-03T20:13:13Z |
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| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (63 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Broner, Fernando Verfasser aut Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding-Out Broner, Fernando Washington, D.C International Monetary Fund 2013 1 Online-Ressource (63 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/270 In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was reallocated from the private to the public sectors, reducing investment and deepening the recessions even further. To account for these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two key ingredients: creditor discrimination and crowding-out effects. Creditor discrimination arises because, in turbulent times, sovereign debt offers a higher expected return to domestic creditors than to foreign ones. This provides incentives for domestic purchases of debt. Crowding-out effects arise because private borrowing is limited by financial frictions. This implies that domestic debt purchases displace productive investment. The model shows that these purchases reduce growth and welfare, and may lead to self-fulfilling crises. It also shows how crowding-out effects can be transmitted to other countries in the Eurozone, and how they may be addressed by policies at the European level Online-Ausg Erce, Aitor Sonstige oth Martin, Alberto Sonstige oth Ventura, Jaume Sonstige oth http://elibrary.imf.org/view/IMF001/21012-9781484335963/21012-9781484335963/21012-9781484335963.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Broner, Fernando Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding-Out |
| title | Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding-Out |
| title_auth | Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding-Out |
| title_exact_search | Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding-Out |
| title_exact_search_txtP | Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding-Out |
| title_full | Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding-Out Broner, Fernando |
| title_fullStr | Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding-Out Broner, Fernando |
| title_full_unstemmed | Sovereign Debt Markets in Turbulent Times Creditor Discrimination and Crowding-Out Broner, Fernando |
| title_short | Sovereign Debt Markets in Turbulent Times |
| title_sort | sovereign debt markets in turbulent times creditor discrimination and crowding out |
| title_sub | Creditor Discrimination and Crowding-Out |
| url | http://elibrary.imf.org/view/IMF001/21012-9781484335963/21012-9781484335963/21012-9781484335963.xml |
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