The gradual smooth reduction in the public debt to GDP ratio is not a response to past developments. Instead it is optimal given recurrent fiscal risks and the empirical characteristics of fiscal shocks. The behavior of the debt-to-GDP ratio in the U.K. and the U.S. seems roughly ...
This study considers the optimal debt ratio and dividend payment policies for an insurer concerned about model misspecification. We assume that the insurer can invest all of its asset to the financial market and the ambiguity may exist in the risky asset. Taking into account the ambiguous situation...
The optimal monetary policy rule arises from a tradeoff between the stabilization of the debt-to-GDP ratio and the traditional objectives of price and output gap stabilization. Given that debt is denominated in foreign currency, the former requires active control of the nominal exchange rate. For ...
The US current account deficit has been persistently large and has brought the country's ratio of foreign debt to GDP to 20%, a figure that is high by hist... M Obstfeld,K Rogoff - 《Working Paper》 被引量: 524发表: 2000年 Public Debt Overhangs: Advanced-Economy Episodes Since 1800. ...
significantly amplifies the impact of the debt-to-GDP ratio, the stock of international reserves, and GDP per capita on the probability of sovereign ... C Rho,M Saenz,JR Lothian - 《Journal of International Money & Finance》 被引量: 0发表: 2021年 加载更多来源...
For the parameters in the external sector, we set α = 0.7 so that the model implies an import-to-GDP ratio of 20 percent in the steady state, equal to the average import- to-GDP ratio in China between 1990 and 2009. The export demand elasticity θ captures the elasticity of ...
The latter two parameters (λ, ψ), together with the discount factor β = 0.945 are chosen to match jointly the average debt to GDP ratio, spread level and spread volatility in our sample. Note that this implies a different discount factor for the lender of 1 1+r = 0.9758, as well ...
Debt finance is particularly appealing as it allows the government to better align the costs and benefits of vaccine development. Any vaccine R&D project is likely to see benefits many years into the future. Debt allows a government to borrow money and pay back the principal in the future after...
aWhen enterprises need to expand and be customers in debt, to expand the scale of production, purchase advanced equipment, liquidity, they need to raise funds. 当企业在债务时需要扩展和是顾客,扩展生产标度,购买先进的设备,流动资产,他们需要培养资金。[translate] ...
THE LONG-TERM OPTIMAL REAL EXCHANGE RATE AND THE CURRENCY.pdf,THE LONG-TERM “OPTIMAL” REAL EXCHANGE RATE AND THE CURRENCY OVERVALUATION TREND IN OPEN EMERGING ECONOMIES: THE CASE OF BRAZIL André Nassif, Carmem Feijó and Eliane Araújo No. 206 Decembe