Replication data for: Financial Globalization, Inequality, and the Rising Public Debt
Principal Investigator(s): View help for Principal Investigator(s) Marina Azzimonti; Eva de Francisco; Vincenzo Quadrini
Version: View help for Version V1
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Project Citation:
Azzimonti, Marina, de Francisco, Eva, and Quadrini, Vincenzo. Replication data for: Financial Globalization, Inequality, and the Rising Public Debt. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112840V1
Project Description
Summary:
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During the last three decades government debt has increased in most developed countries. During the same period we have also observed a significant liberalization of international financial markets. We propose a multi-country model with incomplete markets and show that governments may choose higher levels of debt when financial markets become internationally integrated. We also show that public debt increases with the volatility of uninsurable income (idiosyncratic risk). To the extent that the increase in income inequality observed in some industrialized countries has been associated with higher idiosyncratic risk, the paper suggests another potential mechanism for the rise in public debt.
Scope of Project
JEL Classification:
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D31 Personal Income, Wealth, and Their Distributions
E62 Fiscal Policy
F65 Economic Impacts of Globalization: Finance
H63 National Debt; Debt Management; Sovereign Debt
D31 Personal Income, Wealth, and Their Distributions
E62 Fiscal Policy
F65 Economic Impacts of Globalization: Finance
H63 National Debt; Debt Management; Sovereign Debt
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