GDP-linked Bonds and Sovereign Default

David G. Barr · Oliver Bush · Alex Pienkowski

21 citations0/0 files storedPalgrave Macmillan UK eBooks

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Global Financial Crisis and Policies Fiscal Policies and Political Economy Credit Risk and Financial Regulations

Abstract

In this paper we explore the ways in which GDP-linked bonds can stabilize sovereign debt dynamics and reduce the probability of default. GDP-linked bonds provide cash payments that vary positively with the level of GDP, thereby helping to stabilize the debt-to-GDP ratio. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

2012Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008 1981Debt with Potential Repudiation: Theoretical and Empirical Analysis 1998The Behavior of U. S. Public Debt and Deficits 2008Growth Dynamics: The Myth of Economic Recovery 2007Default Risk and Income Fluctuations in Emerging Economies 2005Defaultable debt, interest rates and the current account 2011Sovereign Defaults: The Price of Haircuts 2011The Liquidation of Government Debt

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