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150128 ||| eng |
| 020 |
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|a 9781484333754
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| 100 |
1 |
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|a Forni, Lorenzo
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| 245 |
0 |
0 |
|a Macroeconomic Effects of Sovereign Restructuring in a Monetary Union
|b A Model-based Approach
|c Lorenzo Forni, Massimiliano Pisani
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2013
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| 300 |
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|a 42 pages
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| 653 |
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|a Sovereign bonds
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| 653 |
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|a Payment Systems
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| 653 |
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|a Public debt
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Regimes
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Debts, Public
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| 653 |
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|a Open Economy Macroeconomics
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| 653 |
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|a Exports and Imports
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| 653 |
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|a International Lending and Debt Problems
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| 653 |
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|a External debt
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| 653 |
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|a Standards
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| 653 |
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|a Cycles
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| 653 |
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|a Bonds
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Short-term Capital Movements
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| 653 |
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|a Monetary economics
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| 653 |
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|a Current Account Adjustment
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| 653 |
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|a Debt Management
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| 653 |
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|a Financial Aspects of Economic Integration
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| 653 |
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|a Debt
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Investments: Bonds
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| 653 |
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|a International economics
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| 653 |
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|a Debts, External
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Business Fluctuations
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| 653 |
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|a Foreign exchange market
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| 653 |
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|a Investment & securities
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| 653 |
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|a Foreign currency exposure
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| 653 |
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|a Monetary unions
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| 653 |
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|a Public Finance
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Fiscal Policies and Behavior of Economic Agents: General
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| 700 |
1 |
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|a Pisani, Massimiliano
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781484333754.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2013/269/001.2013.issue-269-en.xml?cid=41176-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a 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
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