Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.11851/1109
Title: Sovereign risk, public debt, dollarization, and the output effects of fiscal austerity
Authors: Cufadar, Ali
Özatay, Fatih
6157
Keywords: recession
sovereign risk
liability dollarization
fiscal austerity
Issue Date: Apr-2017
Publisher: Elsevier Sci Ltd
Source: Çufadar, A., & Özatay, F. (2017). Sovereign risk, public debt, dollarization, and the output effects of fiscal austerity. Journal of International Money and Finance, 72, 75-92.
Abstract: The goal of this paper is to investigate effects of fiscal policy on output as a response to an external shock at different levels and currency compositions of public debt. Central to our analysis is the mutual relationship between sovereign risk and public debt on the one hand, and the linkage between sovereign risk and private credit spreads on the other. We show that fiscal austerity is conducive to real economic activity when initial government debt is high, its foreign currency share is important, and the link between sovereign and corporate spreads is strong. (C) 2016 Elsevier Ltd. All rights reserved.
URI: https://doi.org/10.1016/j.jimonfin.2016.12.001
https://hdl.handle.net/20.500.11851/1109
ISSN: 0261-5606
Appears in Collections:İktisat Bölümü / Department of Economics
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection

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