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دسته بندی:
حقوق جرم و جزا - Criminal Law
سال انتشار:
2020
عنوان انگلیسی مقاله:
Macroeconomic and policy implications of eurobonds
ترجمه فارسی عنوان مقاله:
پیامدهای اقتصاد کلان و سیاست اوراق قرضه اروپایی
منبع:
Sciencedirect - Elsevier - International Review of Law & Economics, 65 (2021) 105954: doi:10:1016/j:irle:2020:105954
نویسنده:
Cristina Badarau
چکیده انگلیسی:
This article explores the controversial subject of Eurobonds, by analyzing their economic consequences in
an asymmetric monetary union like the Eurozone, where countries differ in size and policy preferences.
We thus build a two-country monetary union DSGE model to compare three scenarios of government debt
issuance: i) countries issue their own sovereign bonds (the baseline scenario is given the label “National
bonds”); ii) countries issue common sovereign bonds without any limitations on the amount they can
borrow (this scenario is labelled “Eurobonds”); and iii) there is a cap on the issuance of Eurobonds by each
country so that the joint liability is limited (we call this scenario “Limited Eurobonds”). Assuming that
a country decides to increase public spending and cares little about debt stabilization, we find that the
spending multiplier would be the highest with Eurobonds and the lowest with Limited Eurobonds. The
spillover effects on output in the rest of the union would be negative with Eurobonds but positive with
Limited Eurobonds. The positive trade channel of the spillover effects is reinforced while the negative
financial channel is reduced in the latter scenario. From the perspective of the monetary union as a whole,
Limited Eurobonds could bring about higher overall output and produce larger benefits for aggregate
household welfare depending upon country size. Altogether, our findings support the case for limited
joint liability, especially when the public spending shock originates from a country which is smaller than
the rest of the union, but not too small.
Keywords: Eurobonds | “coronabonds” | Sovereign debt | Spillovers | Monetary union
قیمت: رایگان
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