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Collateral, liquidity and debt sustainability
Niemann, Stefan; Pichler, Paul - 2014
We study the sustainability of public debt in a closed production economy where a benevolent government chooses fiscal policies, including haircuts on its outstanding debt, in a discretionary manner. Government bonds are held by domestic agents to smooth consumption over time and because they...
Persistent link: https://www.econbiz.de/10010396748
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Public versus Private Provision of Liquidity: Is There a Trade-Off?
Winter, Christoph; Röhrs, Sigrid - 2014
agents are exogenous to public policy. We study the impact of government debt on the provision of private credit in an … the supply of private credit. We also fi nd that government debt has signi ficantly different implications for aggregate …
Persistent link: https://www.econbiz.de/10010396891