Artikel
Nominal Bonds and Budgetary Discipline in a Currency Union
Nominalverschuldung und Budgetdisziplin in einer Währungsunion Der Aufsatz zeigt, daß ein Transfer von Reputation im Rahmen einer Währungsunion nur dann Vorteile bringen kann, wenn Bedingungen eines optimalen Währungsraumes (stark korrelierte Ausgabenschocks) vorliegen. Selbst unter solchen Bedingungen ist jedoch eine zentrale Koordinierung der Budgetpolitik erforderlich. Die optimale Geldpolitik wird anhand eines Modells analysiert, in dem Staatsausgaben stochastischen Schocks unterliegen. Angesichts von Moral-Hazard- Problemen fungiert Nominalverschuldung dabei als Substitut für fehlende Risikomärkte. Es wird gezeigt, daß fehlende Koordination in einer Währungsunion die Anreize zur Budgetdisziplin reduziert.
- Language
-
Englisch
- Bibliographic citation
-
Journal: Kredit und Kapital ; ISSN: 0023-4591 ; Volume: 32 ; Year: 1999 ; Issue: 1 ; Pages: 1-23
- Classification
-
Wirtschaft
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Fiscal Policy
National Debt; Debt Management; Sovereign Debt
- Event
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Geistige Schöpfung
- (who)
-
Illing, Gerhard
- Event
-
Veröffentlichung
- (who)
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Duncker & Humblot
- (where)
-
Berlin
- (when)
-
1999
- DOI
-
doi:10.3790/ccm.32.1.1
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Illing, Gerhard
- Duncker & Humblot
Time of origin
- 1999
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