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Autor:innen: 
Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] Credit and Capital Markets – Kredit und Kapital [ISSN:] 2199-1235 [Volume:] 55 [Issue:] 1 [Year:] 2022 [Pages:] 35-66
Verlag: 
Duncker & Humblot, Berlin
Zusammenfassung: 
State-contingent government debt has been proposed as a way to reduce costly debt crisis. However, markets for this type of debt remain very limited, for reasons that are not yet fully understood. This paper describes a new database covering state-contingent government debt issued between 1863 and 2020. Based on these data, this paper shows stylized facts regarding the main design features, and market performance, of state-contingent government debt. It also provides a brief history of state-contingent government borrowing, which is contextualized with a simple theoretical model of state-contingent debt. The results show that there have been several small, heterogeneous, issuances of state-contingent debt, which resemble pilot runs in this new asset class. The paper concludes with some common challenges associated to state-contingent government debt.
Schlagwörter: 
State-Contingent Debt
GDP-Linked Bonds
Public Debt
JEL: 
G1
N2
H63
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