主权债务减免后的借贷成本

IF 5.6 1区经济学 Q1 ECONOMICS

American Economic Journal-Economic Policy Pub Date : 2023-05-01 DOI:10.1257/pol.20210166

Valentin Lang, David Mihalyi, Andrea Presbitero

{"title":"主权债务减免后的借贷成本","authors":"Valentin Lang, David Mihalyi, Andrea Presbitero","doi":"10.1257/pol.20210166","DOIUrl":null,"url":null,"abstract":"Can debt moratoria help countries weather negative shocks? We exploit the Debt Service Suspension Initiative (DSSI) to study the bond market effects of deferring official debt repayments. Using daily data on sovereign bond spreads and synthetic control methods, we show that countries eligible for official debt relief experience a larger decline in borrowing costs compared to similar, ineligible countries. This decline is stronger for countries that receive a larger relief, suggesting that the effect works through liquidity provision. By contrast, the results do not support the concern that official debt relief could generate stigma on financial markets. (JEL F34, G12, H63, O16)","PeriodicalId":48093,"journal":{"name":"American Economic Journal-Economic Policy","volume":"46 1","pages":"0"},"PeriodicalIF":5.6000,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Borrowing Costs after Sovereign Debt Relief\",\"authors\":\"Valentin Lang, David Mihalyi, Andrea Presbitero\",\"doi\":\"10.1257/pol.20210166\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Can debt moratoria help countries weather negative shocks? We exploit the Debt Service Suspension Initiative (DSSI) to study the bond market effects of deferring official debt repayments. Using daily data on sovereign bond spreads and synthetic control methods, we show that countries eligible for official debt relief experience a larger decline in borrowing costs compared to similar, ineligible countries. This decline is stronger for countries that receive a larger relief, suggesting that the effect works through liquidity provision. By contrast, the results do not support the concern that official debt relief could generate stigma on financial markets. (JEL F34, G12, H63, O16)\",\"PeriodicalId\":48093,\"journal\":{\"name\":\"American Economic Journal-Economic Policy\",\"volume\":\"46 1\",\"pages\":\"0\"},\"PeriodicalIF\":5.6000,\"publicationDate\":\"2023-05-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"American Economic Journal-Economic Policy\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1257/pol.20210166\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Economic Journal-Economic Policy","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1257/pol.20210166","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 1

摘要

债务暂停能帮助各国抵御负面冲击吗?我们利用债务服务暂停倡议(DSSI)来研究推迟官方债务偿还对债券市场的影响。利用主权债券息差和综合控制方法的日常数据，我们表明，与类似的、不符合条件的国家相比，有资格获得官方债务减免的国家的借贷成本下降幅度更大。对于获得更大纾困的国家，这种降幅更大，表明这种效应是通过流动性供应发挥作用的。相比之下，研究结果并不支持有关官方债务减免可能给金融市场带来耻辱的担忧。(凝胶f34, g12, h63, o16)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Borrowing Costs after Sovereign Debt Relief

Can debt moratoria help countries weather negative shocks? We exploit the Debt Service Suspension Initiative (DSSI) to study the bond market effects of deferring official debt repayments. Using daily data on sovereign bond spreads and synthetic control methods, we show that countries eligible for official debt relief experience a larger decline in borrowing costs compared to similar, ineligible countries. This decline is stronger for countries that receive a larger relief, suggesting that the effect works through liquidity provision. By contrast, the results do not support the concern that official debt relief could generate stigma on financial markets. (JEL F34, G12, H63, O16)

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

American Economic Journal-Economic Policy ECONOMICS-

CiteScore

8.20

自引率

1.90%

发文量

期刊介绍： The American Economic Review (AER) is a general-interest economics journal. The journal publishes 12 issues containing articles on a broad range of topics. Established in 1911, the AER is among the nation's oldest and most respected scholarly journals in economics. American Economic Journal: Economic Policy publishes papers covering a range of topics, the common theme being the role of economic policy in economic outcomes. Subject areas include public economics; urban and regional economics; public policy aspects of health, education, welfare and political institutions; law and economics; economic regulation; and environmental and natural resource economics.