Arbeitspapier
External and public debt crises
The recent debt crises in Europe and the U.S. states feature similar sharp increases in spreads on government debt but also show important differences. In Europe, the crisis occurred at high government indebtedness levels and had spillovers to the private sector. In the United States, state government indebtedness was low, and the crisis had no spillovers to the private sector. We show theoretically and empirically that these different debt experiences result from the interplay between differences in the ability of governments to interfere in private external debt contracts and differences in the flexibility of state fiscal institutions.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2015-05
- Klassifikation
-
Wirtschaft
- Thema
-
Schuldenkrise
Kreditrisiko
Länderrisiko
Haushaltsdefizit
Finanzpolitik
Kleine offene Volkswirtschaft
Vergleich
USA
Eurozone
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Arellano, Cristina
Atkeson, Andrew
Wright, Mark
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Chicago
- (wo)
-
Chicago, IL
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Arellano, Cristina
- Atkeson, Andrew
- Wright, Mark
- Federal Reserve Bank of Chicago
Entstanden
- 2015
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