Sovereign debt effects and composition : evidence from time-varying estimates

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2017
Outros Autores: Jalles, João Tovar
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/13135
Resumo: We compute time-varying responses of the sovereign debt ratio to primary budget balances for 13 advanced economies between 1980 and 2012, and assess how fiscal sustainability reacts to different characteristics of government debt. We find that the fiscal sustainability time-varying coefficient increases the higher the share of public debt denominated in foreign currency. Moreover, the countries become more sustainable if they contract a higher share of long-term public debt, if it is held by the central bank or if it is easily marketable.
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spelling Sovereign debt effects and composition : evidence from time-varying estimatesSovereign DebtFiscal SustainabilityTime-Varying CoefficientsDebt CompositionWe compute time-varying responses of the sovereign debt ratio to primary budget balances for 13 advanced economies between 1980 and 2012, and assess how fiscal sustainability reacts to different characteristics of government debt. We find that the fiscal sustainability time-varying coefficient increases the higher the share of public debt denominated in foreign currency. Moreover, the countries become more sustainable if they contract a higher share of long-term public debt, if it is held by the central bank or if it is easily marketable.ISEG - Departamento de EconomiaRepositório da Universidade de LisboaAfonso, AntónioJalles, João Tovar2017-02-07T14:56:57Z20172017-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/13135engAfonso, António e João Tovar Jalles .2017. "Sovereign debt effects and composition : evidence from time-varying estimates". Instituto Superior de Economia e Gestão. DE Working papers nº 3-2017/DE/UECE2183-1815info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:43:15Zoai:www.repository.utl.pt:10400.5/13135Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:59:09.907778Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Sovereign debt effects and composition : evidence from time-varying estimates
title Sovereign debt effects and composition : evidence from time-varying estimates
spellingShingle Sovereign debt effects and composition : evidence from time-varying estimates
Afonso, António
Sovereign Debt
Fiscal Sustainability
Time-Varying Coefficients
Debt Composition
title_short Sovereign debt effects and composition : evidence from time-varying estimates
title_full Sovereign debt effects and composition : evidence from time-varying estimates
title_fullStr Sovereign debt effects and composition : evidence from time-varying estimates
title_full_unstemmed Sovereign debt effects and composition : evidence from time-varying estimates
title_sort Sovereign debt effects and composition : evidence from time-varying estimates
author Afonso, António
author_facet Afonso, António
Jalles, João Tovar
author_role author
author2 Jalles, João Tovar
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Afonso, António
Jalles, João Tovar
dc.subject.por.fl_str_mv Sovereign Debt
Fiscal Sustainability
Time-Varying Coefficients
Debt Composition
topic Sovereign Debt
Fiscal Sustainability
Time-Varying Coefficients
Debt Composition
description We compute time-varying responses of the sovereign debt ratio to primary budget balances for 13 advanced economies between 1980 and 2012, and assess how fiscal sustainability reacts to different characteristics of government debt. We find that the fiscal sustainability time-varying coefficient increases the higher the share of public debt denominated in foreign currency. Moreover, the countries become more sustainable if they contract a higher share of long-term public debt, if it is held by the central bank or if it is easily marketable.
publishDate 2017
dc.date.none.fl_str_mv 2017-02-07T14:56:57Z
2017
2017-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/13135
url http://hdl.handle.net/10400.5/13135
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António e João Tovar Jalles .2017. "Sovereign debt effects and composition : evidence from time-varying estimates". Instituto Superior de Economia e Gestão. DE Working papers nº 3-2017/DE/UECE
2183-1815
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ISEG - Departamento de Economia
publisher.none.fl_str_mv ISEG - Departamento de Economia
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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