Macroeconomic Effects of Sovereign Restructuring in a Monetary Union: A Model-based Approach
We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical evidence, we make the following three key assumptions. First, sovereign debt is held by domestic agents and...
Gespeichert in:
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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. 13/269 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical evidence, we make the following three key assumptions. First, sovereign debt is held by domestic agents and by agents in the rest of the monetary union. Second, after the restructuring the sovereign borrowing rate increases and its increase is fully transmitted to the borrowing rate paid by the domestic agents. Third, the government cannot discriminate between domestic and foreign agents when restructuring. We show that the macroeconomic effects of the restructuring depend on: (a) the share of sovereign bonds held by residents in the country as compared to that held by foreign residents, (b) the increase in the spread paid by domestic agents and (c) its net foreign asset position at the moment of the restructuring. Our results also suggest that the sovereign restructuring implies persistent reductions of output, consumption and investment, that can be large, in particular if the share of public debt held domestically is large, the private foreign debt is high and the spread paid by the government and the households does increase |
| Beschreibung: | 1 Online-Ressource (42 p) |
| ISBN: | 1484333756 9781484333754 |
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| index_date | 2024-07-03T20:13:13Z |
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| series2 | IMF Working Papers |
| spelling | Forni, Lorenzo Verfasser aut Macroeconomic Effects of Sovereign Restructuring in a Monetary Union A Model-based Approach Forni, Lorenzo Washington, D.C International Monetary Fund 2013 1 Online-Ressource (42 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/269 We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical evidence, we make the following three key assumptions. First, sovereign debt is held by domestic agents and by agents in the rest of the monetary union. Second, after the restructuring the sovereign borrowing rate increases and its increase is fully transmitted to the borrowing rate paid by the domestic agents. Third, the government cannot discriminate between domestic and foreign agents when restructuring. We show that the macroeconomic effects of the restructuring depend on: (a) the share of sovereign bonds held by residents in the country as compared to that held by foreign residents, (b) the increase in the spread paid by domestic agents and (c) its net foreign asset position at the moment of the restructuring. Our results also suggest that the sovereign restructuring implies persistent reductions of output, consumption and investment, that can be large, in particular if the share of public debt held domestically is large, the private foreign debt is high and the spread paid by the government and the households does increase Online-Ausg Pisani, Massimiliano Sonstige oth http://elibrary.imf.org/view/IMF001/21010-9781484333754/21010-9781484333754/21010-9781484333754.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Forni, Lorenzo Macroeconomic Effects of Sovereign Restructuring in a Monetary Union A Model-based Approach |
| title | Macroeconomic Effects of Sovereign Restructuring in a Monetary Union A Model-based Approach |
| title_auth | Macroeconomic Effects of Sovereign Restructuring in a Monetary Union A Model-based Approach |
| title_exact_search | Macroeconomic Effects of Sovereign Restructuring in a Monetary Union A Model-based Approach |
| title_exact_search_txtP | Macroeconomic Effects of Sovereign Restructuring in a Monetary Union A Model-based Approach |
| title_full | Macroeconomic Effects of Sovereign Restructuring in a Monetary Union A Model-based Approach Forni, Lorenzo |
| title_fullStr | Macroeconomic Effects of Sovereign Restructuring in a Monetary Union A Model-based Approach Forni, Lorenzo |
| title_full_unstemmed | Macroeconomic Effects of Sovereign Restructuring in a Monetary Union A Model-based Approach Forni, Lorenzo |
| title_short | Macroeconomic Effects of Sovereign Restructuring in a Monetary Union |
| title_sort | macroeconomic effects of sovereign restructuring in a monetary union a model based approach |
| title_sub | A Model-based Approach |
| url | http://elibrary.imf.org/view/IMF001/21010-9781484333754/21010-9781484333754/21010-9781484333754.xml |
| work_keys_str_mv | AT fornilorenzo macroeconomiceffectsofsovereignrestructuringinamonetaryunionamodelbasedapproach AT pisanimassimiliano macroeconomiceffectsofsovereignrestructuringinamonetaryunionamodelbasedapproach |