The financial structure of government debt in OECD countries: An examination of the time-consistency issue

• 成果类型: Article
• 署名作者: DeBroeck, M
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(97)00013-5
• 发表日期: 1997
• 页码: 279-301
• 关键词: Time consistency; debt management; financial intermediation

摘要

This paper analyzes the financial structure of government debt in the OECD countries from the perspective of time-consistency problems with a focus on debt held by financial institutions. Testable implications from a theoretical time-consistency model are derived and incorporated into the framework of a cost-minimizing model for public debt service. The approach is tested for a sample of 15 OECD countries over the period 1974-1989. The theoretical analysis and the empirical results show how, in addition to maturity, ownership of government debt in those OECD countries with debt accumulation problems can be related to time-consistency considerations.