| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17151 |
| 来源ID | Working Paper 17151 |
| A General Equilibrium Model of Sovereign Default and Business Cycles | |
| Enrique G. Mendoza; Vivian Z. Yue | |
| 发表日期 | 2011-06-16 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | 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-hoc 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 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 defaults, countercyclical spreads, high debt ratios, and key business cycle moments. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w17151 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574825 |
| 推荐引用方式 GB/T 7714 | Enrique G. Mendoza,Vivian Z. Yue. A General Equilibrium Model of Sovereign Default and Business Cycles. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17151.pdf（436KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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