文章基本信息

标题：On the role of financial aid in a default episode
本地全文：下载
作者：Gabriel Cuadra ; Manuel Ramos-Francia ; Santiago Garcia-Verdu 等
期刊名称：Latin American Economic Review
印刷版ISSN：2198-3526
电子版ISSN：2196-436X
出版年度：2018
卷号：27
期号：1
页码：1-19
DOI：10.1186/s40503-018-0060-2
出版社：Springer Verlag
摘要：Our aim is to explore the role of financial aid in a default episode. To that end, we develop a dynamic stochastic quantitative model of sovereign default featuring fiscal policy, endogenous financial aid and risk-averse foreign lenders. After calibrating the model, we feed output shocks into the model to show that it captures some of the most salient features of the fiscal and debt situation in Argentina during the 1998–2002. This underscores the economic nature of the decision to default and the role that official aid could have taken in avoiding such an event. In effect, given the economic challenges endured by Argentina, a full-fledged default took place. In addition, we discuss a number of policy implications associated with financial aid programs aimed at preventing sovereign default episodes.
关键词：Sovereign default; Fiscal policy; Financial aid; E62; F34