중동부유럽
연구정보
[경제] Sovereign Debt in the 21st Century: Looking Backward, Looking Forward
중동부유럽 일반 국외연구자료 연구보고서 - NBER 발간일 : 2021-03-24 등록일 : 2021-09-19 원문링크
How will sovereign debt markets evolve in the 21st century? We survey how the literature has responded to the eurozone debt crisis, placing “lessons learned” in historical perspective. The crisis featured: (i) the return of debt problems to advanced economies; (ii) a bank-sovereign “doom-loop” and the propagation of sovereign risk to households and firms; (iii) roll-over problems and self-fulfilling crisis dynamics; (iv) severe debt distress without outright sovereign defaults; (v) large-scale sovereign bailouts from abroad; and (vi) creditor threats to litigate and hold out in a debt restructuring. Many of these characteristics were already present in historical debt crises and are likely to remain relevant in the future. Looking forward, our survey points to a growing role of sovereign-bank linkages, legal risks, domestic debt and default, and of official creditors, due to new lenders such as China as well as the increasing dominance of central banks in global debt markets. Questions of debt sustainability and default will remain acute in both developing and advanced economies.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
| 이전글 | [역사] History’s Masters: The Effect of European Monarchs on State Performance | 2021-09-19 |
|---|---|---|
| 다음글 | [경제] Greater Economic Freedom Will Aid Poland’s Post-Virus Recovery | 2021-09-19 |
