Artikel
Performance-Sensitive Government Bonds
Steadily growing debt ratios indicate that current sovereign debt policy lacks important incentives for governments and politicians to fulfill it in a long-term sustainable way. To implement proper incentives, we propose the concept of performance-sensitive government bonds (PSGB) where coupon payments are closely linked to debt policy, giving strong incentives to limit debt levels and to timely restructure the economy. In addition, we show that the current mechanisms used to solve sovereign debt problems within the EMU are not only missing the right incentives but also setting the wrong ones.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Credit and Capital Markets – Kredit und Kapital ; ISSN: 2199-1235 ; Volume: 47 ; Year: 2014 ; Issue: 1 ; Pages: 79-101
- Klassifikation
-
Wirtschaft
Asset Pricing; Trading Volume; Bond Interest Rates
Contingent Pricing; Futures Pricing; option pricing
National Deficit; Surplus
National Debt; Debt Management; Sovereign Debt
- Thema
-
Sovereign debt policy
government bond
incentive
contingent debt
EMU
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bank, Matthias
Kupfer, Alexander
Sendlhofer, Rupert
- Ereignis
-
Veröffentlichung
- (wer)
-
Duncker & Humblot
- (wo)
-
Berlin
- (wann)
-
2014
- DOI
-
doi:10.3790/ccm.47.1.79
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Bank, Matthias
- Kupfer, Alexander
- Sendlhofer, Rupert
- Duncker & Humblot
Entstanden
- 2014
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