On the Welfare Losses from External Sovereign Borrowing

Mark Aguiar, Manuel Amador and Stelios Fourakis
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Mark Aguiar: Princeton University
Stelios Fourakis: University of Minnesota

No 435, 2019 Meeting Papers from Society for Economic Dynamics

Abstract: This paper studies the losses to the citizenry when the private agents discount the future at different rates than their government. In the presence of such a disagreement, the private sector may prefer an environment in which the government is in financial autarky. Using a sequence of sovereign debt models, the paper quantities the potential welfare losses that citizens suffer from the government's access to international bond markets.

Date: 2019
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Journal Article: On the Welfare Losses from External Sovereign Borrowing (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed019:435

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