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Recognizing the Bias
			: Financial Cycles and Fiscal Policy

Recognizing the Bias : Financial Cycles and Fiscal Policy »

Volume/Issue: 2015/246

Series: IMF Working Papers

Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

DOI: http://dx.doi.org/10.5089/9781513508863.001

ISBN: 9781513508863

Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...

Sub-National Government's Risk Premia
			: Does Fiscal Performance Matter?

Sub-National Government's Risk Premia : Does Fiscal Performance Matter? »

Volume/Issue: 2015/117

Series: IMF Working Papers

Author(s): Sergio Sola , and Geremia Palomba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2015

DOI: http://dx.doi.org/10.5089/9781513511061.001

ISBN: 9781513511061

Keywords: Sub-national governments, market, markets, debt, bonds, primary market, Financial Markets and the Macroeconomy, Asset Pricing, General,

This paper examines the determinants of sub-national governments risk premia using secondary market data for U.S., Canada, Australia and Germany. It finds that, as for central governments, fiscal fundamentals matte...

Recognizing the Bias

Recognizing the Bias »

Source: Recognizing the Bias : Financial Cycles and Fiscal Policy

Volume/Issue: 2015/246

Series: IMF Working Papers

Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

ISBN: 9781513508863

Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...

Sub-National Government’s Risk Premia

Sub-National Government’s Risk Premia »

Source: Sub-National Government's Risk Premia : Does Fiscal Performance Matter?

Volume/Issue: 2015/117

Series: IMF Working Papers

Author(s): Sergio Sola , and Geremia Palomba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2015

ISBN: 9781513511061

Keywords: Sub-national governments, market, markets, debt, bonds, primary market, Financial Markets and the Macroeconomy, Asset Pricing, General,

This paper examines the determinants of sub-national governments risk premia using secondary market data for U.S., Canada, Australia and Germany. It finds that, as for central governments, fiscal fundamentals matte...