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Presidential Address: Debt and Money: Financial Constraints and Sovereign Finance

Bolton, P. - ;

Economic analyses of corporate finance, money, and sovereign debt are largely considered separately. I introduce a novel corporate finance framing of sovereign finance based on the analogy between fiat liabilities for sovereigns and equity for corporations. The analysis focuses on financial constraints at the country level, making explicit the trade-offs involved in relying on domestic versus foreign-currency debt to finance investments or government expenditures. This framing provides new insights into issues ranging from the costs and benefits of inflation, optimal foreign exchange reserves, and sovereign debt restructuring.


Ketersediaan

Call NumberLocationAvailable
The Journal of FinancePSB lt.dasar - Pascasarjana1
Penerbit: 2016
EdisiVol. 71, Number 4, Aug. 2016
SubjekPublic finance
Monetary policy
Financial crisis
Interest rates
Financial constraints
Sovereign debt
Debt sustainability
ISBN/ISSN00221082
KlasifikasiNONE
Deskripsi Fisikp. 1483-1510
Info Detail SpesifikThe Journal of Finance
Other Version/RelatedTidak tersedia versi lain
Lampiran BerkasTidak Ada Data

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