Public Debt (notice n° 544866)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01451cam a2200181 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121113529.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Besancenot, Damien |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Public Debt |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2003.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 99 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This paper analyses the risk of default on public debt within a repeated game between the governement and private investors. The government has only an imperfect control over the stream of future revenues. In this case, a long sequence of adverse budgetary shocks may push the debt over its sustainable level, defined as the discounted flow of future primary surpluses. Given this small risk of unsustainability, we put forward a debt threshold above which investors refuse to subscribe to a new debt issue. But this shortage of liquidity suffices to bring about default. Hence, this “illiquidity” threshold becomes the new critical threshold. The series of decreasing critical illiquidity thresholds converges to a limit value. This risk-free debt level may be much lower than the sustainable level. Policy implications call for a more restrictive definition of a sound fiscal stance.Classification JEL: E62, F34, H63 |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Huynh, Kim |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Vranceanu, Radu |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue économique | 54 | 4 | 2003-07-01 | p. 773-784 | 0035-2764 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-revue-economique-2003-4-page-773?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-revue-economique-2003-4-page-773?lang=en&redirect-ssocas=7080</a> |
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