Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
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We document that governments whose local currency debt provides them with greater hedging benefits actually borrow more in foreign currency. We introduce two features into a government's debt portfolio choice problem to explain this finding: risk-averse lenders and lack of monetary policy commitment
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美国国家经济研究局创建时间：
2016-09-01
