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150128 ||| eng |
| 020 |
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|a 9781462302222
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| 100 |
1 |
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|a Yue, Zhanwei
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| 245 |
0 |
0 |
|a A General Equilibrium Model of Sovereign Default and Business Cycles
|c Zhanwei Yue, Enrique Mendoza
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2011
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| 300 |
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|a 55 pages
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| 651 |
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4 |
|a Argentina
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| 653 |
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|a Public debt
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| 653 |
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|a Labour; income economics
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| 653 |
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|a Short-term Capital Movements
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Debt Management
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| 653 |
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|a Current Account Adjustment
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| 653 |
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|a Debts, Public
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| 653 |
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|a Capital and Total Factor Productivity
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| 653 |
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|a Cost
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| 653 |
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|a Industrial productivity
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| 653 |
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|a Production
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| 653 |
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|a Debt
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| 653 |
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|a Exports and Imports
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| 653 |
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|a International economics
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| 653 |
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|a Demand and Supply of Labor: General
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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 Debts, External
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| 653 |
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|a External debt
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| 653 |
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|a Total factor productivity
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| 653 |
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|a Labor
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| 653 |
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|a Sovereign Debt
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| 653 |
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|a Labor supply
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| 653 |
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|a Cycles
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| 653 |
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|a Labor Economics: General
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| 653 |
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|a Financial Markets and the Macroeconomy
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| 653 |
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|a Labor market
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Business Fluctuations
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| 653 |
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|a Capacity
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| 653 |
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|a Public Finance
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| 653 |
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|a Debt default
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| 653 |
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|a Production and Operations Management
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| 653 |
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|a Labor economics
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| 700 |
1 |
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|a Mendoza, Enrique
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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 10.5089/9781462302222.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2011/166/001.2011.issue-166-en.xml?cid=25043-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both sovereign default and business cycles. In the model, some imported inputs require working capital financing; default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around default triggers an efficiency loss as these inputs are replaced by imperfect substitutes; and default on public and private obligations occurs simultaneously. The model explains several features of cyclical dynamics around deraults, countercyclical spreads, high debt ratios, and key business cycle moments
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