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https://hdl.handle.net/2142/85578
Description
Title
Essays in International Finance
Author(s)
Ferreira, Mauro Sayar
Issue Date
2006
Doctoral Committee Chair(s)
Anne Villamil
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, General
Language
eng
Abstract
The third chapter analyzes issues about public debt maturity in a general equilibrium model of a small open economy under inflation target. Following a risk premium shock, the households of this economy suffer higher wealth losses if they finance the government with longer maturity nominal bond. This happens due to surprise inflation and because of the foregone returns not earned in a longer position. This result may explain the difficulty faced by several Treasuries of emerging economies to extend the debt maturity in moments of confidence crisis. Our simulations also indicate that stronger commitment to stable inflation helps a Treasury willing to extend debt maturity since it reduces wealth losses.
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