摘要
本文通过对欧元区成员国长期债务占总债务比重与各国整体宏观经济指标相关关系的实证分析表明,欧元区各国以GDP与税收比、债务与GDP之比所描述的当期融资能力与长期债务比例呈显著负相关,由于非对称冲击的作用,各国体现出不同的特征。本文同时构建了一个政府债务效用函数的二期模型,说明主权债务期限结构安排可以通过宏观调控进行跨期平滑,以防止主权债务危机的发生。
This paper makes an empirical study on member counties in Eurozone for the correlation between long-term sovereign debt percentage in total debt and macroeconomic index,the main finding shows that,current financing ability based on tax income of GDP radio and debt of GDP ratio has significant negative correlation to long-term debt,every country within Eurozone embodies in different features because of asymmetric shock effect.This paper also builds a governmental debt utility function model in order to indicate that sovereign debt maturity structure arrangement could be intertemporal smoothing by macro-regulatory in preventing debt crisis.
出处
《经济理论与经济管理》
CSSCI
北大核心
2010年第12期56-63,共8页
Economic Theory and Business Management
关键词
主权债务期限结构
非对称冲击
跨期平滑
收敛
sovereign debt maturity structure
asymmetric shock
intertemporal smoothing
convergence
