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Title: Political support to public debt repudiation in a Monetary Union - the role of the geographical allocation of debt.
Authors: Di Gioacchino, Debora
Ginebri, Sergio
Sabani, Laura
Keywords: Monetary union; Public debt; Government default; Political economy; Political support; Special interests; Common agency.
Issue Date: 2-Aug-2004
Abstract: The main arguments for the Stability and Growth Pact turn on the need to protect the European Central Bank against inflationary pressures from the fiscally prodigal countries (repudiation through inflation). Taking a political economy approach, in this paper we inquire into the conditions under which national governments may reach the decision for a partial or total repudiation of their debt. The main result produced by our model is that a debt management policy of lowering effective yields
Appears in Collections:4 - REPEC

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