Fiscal rules and sovereign default

IF 4.4 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-10-13 DOI:10.1016/j.ememar.2025.101380

Laura Alfaro , Fabio Kanczuk

引用次数: 0

Abstract

Debt sustainability concerns in emerging markets (EMEs) highlight the critical need for effective fiscal rules, particularly in an era of financial fragmentation. This paper examines fiscal rules using a sovereign debt model incorporating present-biased government behavior, a key driver of excessive debt in EMEs. Welfare analysis underscores the effectiveness of simple debt ceilings in mitigating default risks and enhancing financial stability.

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财政规则和主权违约

新兴市场对债务可持续性的担忧凸显了制定有效财政规则的迫切需要，尤其是在金融碎片化时代。本文使用主权债务模型考察了财政规则，该模型包含了当前偏向的政府行为，这是新兴市场国家过度债务的关键驱动因素。福利分析强调了简单的债务上限在减轻违约风险和加强金融稳定方面的有效性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.