The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Default Risk on Government Debt in OECD Countries
Abstract
Default risk Alberto Alesina, Mark De Broeck, Alessandro Prati and Guido Tabellini Different European countries pay very different interest rates on their public debts. Will these differences disappear if and when exchange rates come to be irrevocably fixed in the European Monetary Union? Or rather will default risks in the high debt countries keep interest rates from converging? To answer this question, this paper investigates whether a perceived default risk is already priced by the market The paper compares the interest rates on public and private financial instruments denominated in the same currencies in 12 OECD countries. A strong correlation is found between the size of public indebtedness and the spread between public and private rates of return. This correlation suggests that the markets perceive a default risk on the public debt of some OECD countries. The size of this default risk is however very small.
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Citations
Cites
Political and Monetary Institutions and Public Financial Policies in the Industrial Countries
Grilli, V., Masciandaro, D., Tabellini, G., Malinvaud, E., & Pagano, M. (1991) · Economic Policy · doi:10.2307/1344630 · Cited by 1,585
Self-citation
Cited by
The EMU sovereign-debt crisis: Fundamentals, expectations and contagion
Arghyrou, M. G., & Kontonikas, A. (2012) · Journal of International Financial Markets, Institutions and Money · doi:10.1016/j.intfin.2012.03.003 · Cited by 458
What Explains the Surge in Euro Area Sovereign Spreads during the Financial Crisis of 2007–09?
Attinasi, M.-G., Checherita, C., & Nickel, C. (2010) · Public Finance and Management · doi:10.1177/152397211001000403 · Cited by 312
Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries
Ardagna, S., Caselli, F., & Lane, T. (2007) · The B.E. Journal of Macroeconomics · doi:10.2202/1935-1690.1417 · Cited by 267
Metadata
- Authors
- Alesina, A., Broeck, M. D., Prati, A., Tabellini, G., Obstfeld, M., & Rebelo, S.
- Venue
- Economic Policy
- Publisher
- Oxford University Press (OUP)
- Published
- 1992-10
- Volume
- 7
- Issue
- 15
- Pages
- 427
- ISSN
- 0266-4658 (ISSN-L)
- OpenAlex
- W2011058531
- Cited by
- 291
- References
- 1
- FWCI
- 10.58
- Type
- journal article
- Language
- en
- Open access
- closed
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- Alesina, A., Broeck, M. D., Prati, A., Tabellini, G., Obstfeld, M., & Rebelo, S. (1992). Default Risk on Government Debt in OECD Countries. Economic Policy. https://doi.org/10.2307/1344548
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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