International Reserves and Rollover Risk
收藏NBER2012-12-01 更新2025-01-04 收录
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https://www.nber.org/papers/w18628
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资源简介：
We study the optimal accumulation of international reserves in a quantitative model of sovereign default with long-term debt and a risk-free asset. Keeping higher levels of reserves provides a hedge against rollover risk, but this is costly because using reserves to pay down debt allows the
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美国国家经济研究局创建时间：
2012-12-01
