أعرض تسجيلة المادة بشكل مبسط

dc.creator Beetsma, Roel
dc.creator Vermeylen, Koen
dc.date 2005
dc.date.accessioned 2013-10-16T07:01:14Z
dc.date.available 2013-10-16T07:01:14Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18764
dc.identifier ppn:479302421
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18764
dc.description We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases after unification. This implies that the average expected real return on the debt increases. Also, the share of the unionwide debt issued by relatively myopic governments or of countries that initially have a relatively dependent central bank increases after unification. This may put the political sustainability of the union under pressure. A transfer scheme that penalizes debt increases beyond the union average is able to undo the interest rate effect of unification, but magnifies the spread in relative debt levels.
dc.language eng
dc.publisher
dc.relation CESifo working papers 1400
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E62
dc.subject E63
dc.subject F33
dc.subject E42
dc.subject ddc:330
dc.subject monetary union
dc.subject (relative) public debt
dc.subject interest rates
dc.subject externalities
dc.subject substitutability
dc.subject central bank independence
dc.subject Währungsunion
dc.subject Makroökonomischer Einfluss
dc.subject Zins
dc.subject Öffentliche Schulden
dc.subject Theorie
dc.title The effect of monetary unification on public debt and its real return
dc.type doc-type:workingPaper


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أعرض تسجيلة المادة بشكل مبسط