Fiscal vulnerabilities depend on both the level and composition of government debt. This study examines the role of debt thresholds and debt composition in driving the non-linear behavior of long-term interest rates through a novel approach, a panel smooth transition regression with a general logistic model. The main findings are threefold. First, the impact of the expected public debt level on interest rates rises exponentially when the share of...
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INFORMATION
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2020/06/11
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Document de travail de recherche sur les politiques
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WPS9276
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1
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1
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2020/06/11
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Disclosed
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Debt Intolerance : Threshold Level and Composition
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public debt
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