IMF paper models sovereign restructuring in monetary union
A sovereign debt restructure within a monetary union would have a more serious depressing effect on output when the share of public debt held domestically is large, according to a working paper by International Monetary Fund economists, which models the likely effects.
In Macroeconomic effects of sovereign restructuring in a monetary union: a model-based approach, Lorenzo Forni and Massimiliano Pisani find that the macroeconomic effects of such a restructuring would depend on the share of
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