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首页> 外文期刊>Central European journal of operations research: CEJOR >How relieving is public debt relief? Monetary and fiscal policies in a monetary union during a debt crisis
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How relieving is public debt relief? Monetary and fiscal policies in a monetary union during a debt crisis

机译：公共债务救济如何缓解？ 在债务危机期间货币联盟的货币和财政政策

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摘要

We use a dynamic game model of a two-country monetary union to study the consequences of sovereign debt reliefs for a member country or bloc of countries of the union after an exogenous fall in aggregate demand and the resulting increase in public debt. The debt reliefs are assumed to occur endogenously, being enacted after an increase of government debt beyond a certain threshold. We assume that the governments of the countries participating in the union pursue national goals when deciding on fiscal policies whereas the common central bank's monetary policy aims at union-wide objective variables. The union considered is asymmetric, consisting of a "core" with lower initial public debt, and a "periphery" with higher initial public debt. The "periphery" may experience debt reliefs due to the high level of its sovereign debt. We calculate numerical solutions of the dynamic game between the governments and the central bank using the OPTGAME algorithm. We show that a debt relief as modeled in our study is disadvantageous for both the "core" and the "periphery" of the monetary union, and that after an initial haircut further debt reliefs will be required to an extent that threatens the existence of the entire union.
机译：我们使用了一个两个国家货币联盟的动态游戏模型，在外源性下降之后，研究了联盟各国的主权债务救济的后果，并在总需求下降，由此产生的公共债务增加。假设债务救济因内源性发生，在高于一定门槛之外的政府债务增加后颁布。我们假设参与联盟的国家政府在决定财政政策时追求国家目标，而共同的中央银行的货币政策旨在联合范围的客观变量。审议的联盟是不对称的，由初始公共债务较低的“核心”，以及具有更高初始公共债务的“周边”。由于其主权债务的高度，“周边”可能会遇到债务救济。我们使用Optgame算法计算政府和中央银行之间动态游戏的数值解决方案。我们表明，我们研究中的建模债务救济对货币联盟的“核心”和“周边”是不利的，并且在威胁存在存在的情况下，将需要在初步发型进一步债务救济后整个联盟。

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