Composition of Government Spending and the Cost of Sovereign Borrowing

Composition des dépenses publiques et coût de l'emprunt souverain

Jean-Louis Combes, Alexandru Minea and Pegdewende Sawadogo

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Abstract: Access to capital on international financial markets is necessary for developing countries. However, following the sovereign debt crises, investors required higher yields for holding their bonds. These behaviors can be interpreted as seeking a risk premium. A large literature analyzes the determinants of sovereign bond spreads. However, the contributions focusing on the effects of fiscal policy are rather rare. The purpose of this paper is to study the effects of public spending, with a particular focus on its structure, on the cost of access to international finance.

Keywords: Dépenses Publique; Emprunt souverain (search for similar items in EconPapers)
Date: 2020-04
Note: View the original document on HAL open archive server: https://uca.hal.science/hal-03513896v1
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Published in 2020

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03513896

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