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Publikationstyp
Wissenschaftlicher Artikel
Erscheinungsjahr
2023
GDP-linked bonds and economic growth
GDP-linked bonds and economic growth
Autor:innen
Herausgeber
Quelle
Journal of international money and finance
137 (2023)
137 (2023)
Schlagwörter
Wirtschaftswachstum
Forschungskennzahl (FKZ)
Verbundene Publikation
Zitation
KALAMOV, Zarko Y. und Karl J. ZIMMERMANN, 2023. GDP-linked bonds and economic growth. Journal of international money and finance [online]. 2023. Bd. 137 (2023). DOI 10.60810/openumwelt-1899. Verfügbar unter: https://openumwelt.de/handle/123456789/1477
Zusammenfassung englisch
We analyze the implications of introducing GDP-linked bonds for economic growth. First, we model a stochastically growing small open economy. The government borrows from the international financial market, collects tax revenue, and provides a public infrastructure good. Sovereign debt may be both conventional and indexed to GDP. Second, we calibrate the model for a developing country. The introduction of GDP-linked bonds increases the optimal debt-to-GDP ratio, public-to-private capital ratio, and tax rate. It also exerts a small negative effect on the mean GDP growth rate as well as a small positive welfare impact. © 2023 Elsevier Ltd. All rights reserved.